EUR/NOK Attempting to Base After Testing Key Psychological Support

DailyFX   |  February 22 2012 1:08 EST

A daily overview of technical developments in the regional currencies. Take a look inside for the latest scoop on the Norwegian Krone and Swedish Krona.

Eur/SekRemains weighed down for now but we continue to like the prospects for a bullish resumption over the coming days. Look for setbacks to be well supported above 8.75, while back above 8.93 will confirm outlook and accelerate gains.

Usd/SekRecent setbacks have been well supported above the 200-Day SMA to further confirm constructive outlook and potentially expose a break back towards the trend highs just over 7.00. Ultimately, only back under 6.60 delays outlook and gives reason for pause, while back above 6.70 required to confirm outlook and accelerate.

Usd/Nok Has come under pressure in recent trade but could finally be looking to base out around the 200-Day SMA. Look for a bullish reversal over the coming sessions, with a break back over 5.70 helping to confirm outlook and accelerate gains. Only a sustained drop back under 5.60 delays.

Eur/NokSetbacks have stalled by critical support at 7.50 and the market could finally be poised for some bullish price action with daily studies now stretched. Look for a break back above 7.57 to confirm outlook and accelerate gains. Ultimately, only a two day close below 7.50 would negate.

--- Written by Joel Kruger, Technical Currency Strategist

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