Chart Of The Day - EUR/NOK
Forex Analytix | Dec 07, 2021 02:14AM ET
EUR/NOK has been in a long term descending channel, and with the channel resistance at 10.4500 and the 78% Fibonacci retracement of the July high to October lows coming in at 10.4799, the risk is for a turn lower.
Also, given that the crude market is trying to recover after a recent 27%+ slide lower last month, the NOK could also gain back some lost ground as well, since NOK and crude have a strong correlated relationship.
We'd expect dips back towards the 200dma at 10.1300 to offer near term support.
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