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
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 

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