EURNOK On Watch
One pair I’m watching here is EURNOK. The pair has been grinding steadily lower over recent months following the failure around the 10.7444 level. Price is now sitting on major support at the 9.9001 level with indicators both in the red, suggesting room for a continuation lower. Currently, price action is showing a series of inside bars which I will be monitoring for a break of the lows, targeting 9.80486 next and 9.7236 thereafter. Keep an eye on candles around current levels as the obvious risk is the area develops into a double bottom.
Key Data to Watch
Little in the way of key data for either currency here. However, the big driver in this move has been the recent rally in oil prices. While crude is currently softening, the energy crisis shows no signs of abating yet, meaning there is room for oil to move higher which would propel EURNOK lower. US labour data tomorrow will be important also. A strong reading will send USD higher which is likely to hurt EUR more than NOK given hawkish Norges bank expectations in the near term.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.