EUR/NOK: Short-term technical outlook have turned bearish - Natixis

The failure against the 9.6080-9.6170 area (daily Bollinger upper band) has triggered a sharp pullback for EUR/NOK cross and the ST technical outlooks have turned bearish with the emergence of a downside bubble on the daily chart.

Key Quotes

“Caution will be in order in the next few days as a break below the support at 9.3440 (weekly Bollinger moving average) suggests a more important bearish consolidation move towards 9.2480-9.2650 (monthly Bollinger moving average) ahead of 9.2020 (9-month moving average), the support at 9.1740 (50-week moving average) and even 9.0790. The resistances stand at 9.4380, at 9.4980, at 9.60809.6170 and at 9.6830."