Societe Generale’s foreign exchange analysts report that the EUR/NOK pair’s recent attempt to breach the 12.05 level proved unsustainable, with significant resistance driving the exchange rate back within its established consolidation range.
The pair’s inability to maintain its position above 12.05, following resistance encountered at 12.21, suggests a weakening of upward momentum. This retraction underscores the importance of the 11.68 support level, which now becomes a critical factor in assessing the near-term trajectory of the EUR/NOK.
A breach of the 11.68 support could trigger a more pronounced downward correction. Conversely, for the EUR/NOK to signal the commencement of a new upward trend, it must demonstrably establish itself above the 12.05 threshold.
