Technical Update - EURSEK weakening uptrend. EURNOK set to resume uptrend. NOKSEK downtrend resumed Technical Update - EURSEK weakening uptrend. EURNOK set to resume uptrend. NOKSEK downtrend resumed Technical Update - EURSEK weakening uptrend. EURNOK set to resume uptrend. NOKSEK downtrend resumed

Technical Update - EURSEK weakening uptrend. EURNOK set to resume uptrend. NOKSEK downtrend resumed

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  EURSEK uptrend weakening but selling trigger missing
EURNOK could be breaking higher to test previous peak
NOKSEK in bearish trend. Back to May levels ?

EURSEK is testing the lower trendline in the rising channel the cross has been trading in the past 12 months. In fact EURSEK did close below last week but is trying to get back above the trendline this week.

The RSI divergence does however, indicate ERUSEK could break lower. (RSI values have been declining while EURSEK has been rising – assign of trend is weakening)

Key support at around 11.40. A close below is likely to lead to a sell-off down to the 0.382 retracement of the entire uptrend since Q4 2021 at around 11.20

Short-term – daily chart - ERUSEK has bounced off the 200 daily Moving Average. If EURSEK is closing below 11.40 on the daily time period a downtrend has been confirmed

Daily RSI is below 40 threshold i.e., in negative sentiment indicating EURSEK to at least test the key 11.40 support.

EURSEK has a strong resistance at around 11.95.

Source all charts and data: Saxo Group

EURNOK is at the time of writing close to be testing resistance at around 11.60. A daily close above is likely to fuel a bullish move to 12.00 and May 2023 peak. Resistance at around 11.85

To demolish the potential bullish scenario a close below 11.19. A close below 11.10 will confirm bearish trend with potential down toa round 10.70


NOKSEK is close to reach its Double top potential around 0.9890 as illustrated by the two vertical arrows. Currently bouncing from the 0.786 projection measured from the top to bottom of the double top pattern, and 0.50 correction of the May to August uptrend at 0.9956.

However, daily RSI is in negative sentiment with no divergence indicating lower NOKSEK levels could be seen. However, quite often an instrument is not “travelling” the full potential length but is usually cut short meaning this could be the  xhaustion of the short-term sell-off

However, if NOKSEK is closing below 0.9890 further selling could be seen down May trough around 0.9450.. Support at 0.98.

Medium-term NOKSEK has been rejected at the upper falling trendline and seems to be resuming downtrend. If weekly RSI is closing back below 40 threshold the bearish scenario has resume. With potential down to May lows

To resume uptrend a close above 1.03 is needed.


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

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 (
- Analysis Disclaimer (
- Notification on Non-Independent Investment Research (

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

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

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.