EUR/NOK: The 11.00 level should be an important support near term – SocGen EURNOK Banks
EUR/NOK has slid toward the 11.20 mark. Economists at Société Générale expect the 11.00 level to floor the pair.“Last week's high of 11.48 has resulted in a brief pause however the trend line since last August at 11.00 should be an important support near term.”
“A move beyond 11.48 should result in extension of up move towards next potential hurdle at 11.70/11.75 representing peak of April 2020 and perhaps even towards 12.30, the 76.4% retracement of the whole 2020-2022 downtrend.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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