EUR/NOK: Resistances at 9.0460 and at 9.0820 - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that the daily volatility tends to increase and the daily indicators have turned around, suggesting the emergence of a downside bubble on the daily chart for EUR/NOK.

Key Quotes

“Besides, the weekly indicators are retreating and weekly downside parallels are intact on the weekly chart.”

“Against this backdrop, the cross is seen to eye 8.9620 (rising trendline) ahead of the support at 8.8820 (weekly Bollinger lower band). Caution will be in order as a break below the latter would underpin bearish momentum to 8.7680 (monthly parabolic). The resistances are at 9.0460, at 9.0820, at 9.1730 and at 9.3120.”