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8 Aug 2023
EUR/NOK: Break below 11.09 can extend the phase of decline – SocGen
Economists at Société Générale analyze EUR/NOK technical outlook.
Retracement can quicken on break below 11.09
EUR/NOK broke below a multi-month trend line last month and experienced an extended pullback. It has revisited the 200-DMA near 11.09 which is an interim support. Daily MACD is within deep negative territory which highlights the move is a bit stretched. This is not a reversal signal however an initial bounce can’t be ruled out. May low of 11.48 is an important hurdle near term.
Failure to reclaim 11.48 could mean persistence in downtrend. A break below 11.09 can extend the phase of decline towards 10.93 and perhaps even towards 10.77/10.70, the 50% retracement from 2022.