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- EUR/NOK: Scope to eventually reach 10.8583 – Credit Suisse
EUR/NOK: Scope to eventually reach 10.8583 – Credit Suisse
EUR/NOK has broken above its key medium-term resistance zone at 10.4004/10.3828. Economists at Credit Suisse look for further upside to unfold in the medium-term, with scope to reach 10.8583 in due course.
EUR/NOK looks set for further medium-term strength
“Though a short pullback may slow the advance in the near-term, the rising 55-day and 200-day moving averages, as well as weekly MACD momentum turning outright positive, continue to point toward further strength in the medium-term.”
“We stay biased higher and look for a move to the July 2021 high at 10.7038 in due course, with a break above here seeing scope to reach the 38.2% retracement of the 2020/22 fall at 10.8583.”
See – Norges Bank Preview: Forecasts from five major banks, split between a 25 bps and a 50 bps rate hike
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