Chart EUR/NOK Update: Extending rejection from 11.7800 high
Fell short of retest of the 11.7850 early-April high last week with rejection from 11.7800 level returning focus to the downside
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 11.8685 | * | 13 Dec high | S1 | 11.6500 | congestion | ||
R3 | 11.8000 | * | figure, 76.4% | S2 | 11.6000 | * | congestion | |
R2 | 11.7850 | ** | 1 Apr YTD high | S3 | 11.5500 | * | 10 Apr low | |
R1 | 11.7000 | * | congestion | S4 | 11.5000 | * | Feb high, congestion |
Asterisk denotes strength of level
06:10 GMT - Fell short of retest of the 11.7850 early-April high last week with rejection from 11.7800 level returning focus to the downside. Daily studies are unwinding overbought readings and see scope for retest of the 11.6000 level then the 11.5500 low. Below the latter will see room to the strong support at the 11.5000, February high and congestion. Reaction at the latter can be expected and this is expected to underpin and limit the downside. Failure will open up deeper pullback to the 11.4700, 50% Fibonacci retracement and 11.4500 congestion. Meanwhile, resistance is lowered to the 11.7000 congestion which is expected to cap and sustain losses from the 11.7800 high.