Technical Update - EURNOK in uptrend testing key resistance. EURSEK likely to resume uptrend. Both could make new highs Technical Update - EURNOK in uptrend testing key resistance. EURSEK likely to resume uptrend. Both could make new highs Technical Update - EURNOK in uptrend testing key resistance. EURSEK likely to resume uptrend. Both could make new highs

Technical Update - EURNOK in uptrend testing key resistance. EURSEK likely to resume uptrend. Both could make new highs

Forex 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURNOK has broken above resistance at around 11.63 thus resuming uptrend, and is closing in on the 0.786 retracement and resistance at around 11.86.

Both daily and weekly RSI have broken back above 60 threshold confirming the bullish move. A move that can take EURNOK to May 2023 peak just above 12. However, if EURNOK is closing above the 11.85 resistance a move above 12 to at least the 1.382 projection at around 12.44 is in the cards, possibly also spiking up to the 1.618 projection at around 12.67

For EURNOK to reverse the bullish short term trend a close 11.35 is needed. A close below 11.19 is needed to reverse the medium term bullish trend

Source all charts and data: Saxo Group

EURSEK bounced off from its short-term rising trendline and seems set to resume it bullish trend

A short term move to the 0.618 retracement seems like. A close above is likely to push the daily RSI to close back above 60 threshold i.e., back in positive sentiment supporting further upside potential

Medium term EURSEK did break below its lower rising trendline but is currently trading back above. If EURSEK can close the week above the trendline EURSEK could be set for higher levels.

If weekly RSI is also closing back above the 60 threshold it will further confirm the bullish trend ahs resumed.
A trend that could push EURSEK above 12. Possibly to the 1.382 projection at around 12.20, but a bullish move to the 1.618 projection at 12.35 would be in the cards.

If EURSEK slides back to close below 11.45 a new bearish trend is likely to unfold

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research 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. To the extent that any content is construed as investment research, you must note and accept that the 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 under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (
- Full disclaimer (

Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.