Eurnok Short At Major SupportANALYSIS AND RESEARCH:
We can say that it is moving in clear consolidation zone and for most traders this area is more interesting for trend reversal trades and it acts like the same so in our opinion if it drops more and breaks below lower trend Line then we can expect it to drop more towards the flag possibly.
Eur on overall basis acts as weak pair so keep an eye on that as well.
Extra News Related to this Pair:
According to zukumati sarkoshi our cheif analyst saying that if it drops below the lower major support it is armageddon for eur/nok pair let us see which way it will fall.
EUR-NOK
EUR/NOK breaks major support 9.2570, good to go short on ralliesNorway's core inflation surged to record highs in July, dampening Norges Bank’s rate cut speculation.
The Krone has surged after inflation data release. EUR/NOK hit multi-week lows at 9.2094.
The pair has broken major trendline support at 9.2570 on the daily charts, we see scope for further downside.
50-DMA at 9.3507 is major resistance on the upside, while 9.1970 is next major support on the flipside.
Good to go short on rallies around 9.2500, SL: 9.3510, TP: 9.1970/ 9.1550/ 9.1375