Technical Update - EURNOK breaking bearish. Bearish EURSEK is testing key support. NOKSEK bouncing off May lows Technical Update - EURNOK breaking bearish. Bearish EURSEK is testing key support. NOKSEK bouncing off May lows Technical Update - EURNOK breaking bearish. Bearish EURSEK is testing key support. NOKSEK bouncing off May lows

Technical Update - EURNOK breaking bearish. Bearish EURSEK is testing key support. NOKSEK bouncing off May lows

Forex 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURNOK yesterday broke below support at around 11.60 to close below the Cloud (shaded area) and below both the 100 and the 200 DMA. Following through today Friday a test of the next support at around 11.30 seems likely.
Daily RSI is in negative territory strongly indicating lower EURNOK levels supporting the push to 11.30.

Medium-term – weekly chart – the past two days sell-off has pushed the RSI below its lower rising trendline indicating the medium-term uptrend is reversing (if closing the week below that is).

A weekly RSI close below 40 will further confirm bearish scenario for EURNOK
A push to the strong key support around 11.10 is in the cards.
 For EURNOK to demolish this bearish outlook a breakback above 11.90 is needed
Source all charts and data: Saxo Group

EURSEK is testing support at around 11.18 and is quite likely to break below continuing its bearish move to key strong support at around 11.00

Medium-term EURSEK has retraced 0.382 of the entire uptrend since Q4 2021. Weekly RSI is in negative sentiment indicating lower EURSEK levels.

However, divergence on daily RS is suggesting a short-term rebound from the 11.18 support could bee seen.
To demolish the current bearish trend both short-term a close above 11.50 is needed. To reverse the  medium-term trend a close above 11.85 is needed

NOKSEK is bouncing strongly from the May 2023 trough around 0.9480 and is likely to test the 0.382 retracement and resistance at around 0.9850.  The declining 55 DMA is adding to the resistance strength

A close above could give NOKSEK further energy to move higher to par, possibly to the 0.618 retracement at 1.01

However, if NOKSEK is being rejected at the 0.9850 resistance level, the bearish trend is likely to resume 
Disclaimer

Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at https://www.home.saxo/en-au/legal/.

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (https://www.home.saxo/en-au/legal/disclaimer/saxo-disclaimer)
- Analysis Disclaimer (https://www.home.saxo/en-au/legal/analysis-disclaimer/saxo-analysis-disclaimer)
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000
Australia

Contact Saxo

Select region

Australia
Australia

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-au/about-us/awards

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.