EUR/NOK is testing a significant resistance zone close to 12.06/12.13, with previous makes an attempt to interrupt greater unsuccessful, leaving 11.73 as the important thing degree to observe on the draw back, Société Générale’s FX analysts observe.
A number of failures spotlight resistance energy
“EUR/NOK is progressively approaching the higher boundary of its established vary since 2023, located at 12.06/12.13. The pair has did not decisively break above this hurdle on a number of events.”
“Ought to upward momentum falter close to this resistance zone, a short-term pullback stays attainable. The latest pivot low at 11.73 serves as an essential assist. A failure to carry above 11.73 may enhance the danger of a deeper decline.”
