EURNOK to see a deeper downtrend on a break below 10.05 – SocGen

A volatile week ended with EURNOK closing below 10.20. Economists at Société Générale expect the pair to sustain further losses on a dip under the 200-Day Moving Average (DMA) at 10.05.

Short-term resistance seen at 10.54/10.56

“A short-term pullback is taking shape; a revisit of the 200-DMA near 10.05 is not ruled out. In case the pair fails to defend this MA, a deeper downtrend is likely towards 9.91 and the lower band of the channel at 9.72/9.70.”

“Short-term resistance is at 10.54/10.56, the 76.4% retracement of recent pullback.”