EUR/NOK fails to hold breakout – Societe Generale
Source Fxstreet
EUR/NOK's recent breakout attempt above 12.05 was short-lived, as strong resistance pushed the pair back into its consolidation range. Key support at 11.68 now becomes critical for the near-term outlook, Societe Generale's FX analysts report.
Key support at 11.68 in focus
"EUR/NOK attempted a breakout from its multiyear range (above 12.05) recently but has quickly retracted after facing strong resistance at 12.21. Re-integration within previous consolidation denotes lack of upward momentum."
"The low achieved earlier this week at 11.68 is crucial support. In case this is breached, EUR/NOK could embark on a deeper pullback. The pair must establish itself beyond 12.05 to denote next leg of uptrend."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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