EUR/NOK is squeezed in

Source: Dukascopy Bank SA


Since the middle of July, the EUR/NOK currency exchange rate has been squeezed in between the support range at 11.10/11.20 and resistance of the 200-day simple moving average near 11.30.

A decline below 11.10 is highly likely set to look for support in the 11.00 mark and other round levels. Note that the 10.80, 10.60 and 10.40 levels have acted as support and resistance during the early parts of 2023 trading.

On the other hand, a recovery of the Euro against the Norwegian currency is expected to encounter resistance in the 11.40/11.50 zone and the descending 50-day simple moving average. Higher above, take into account the 11.60 and 11.80 levels.
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