EUR/NOK
The cross has slightly consolidated in the recent sessions after having failed to clear the important barrier around 7.48 (long term resistance line). This resistance now stands at 7.4637 and a new failure to break above it would signal a resumption of the downtrend. This scenario would be strengthened by a break below the main short term support at 7.3870 paving the way to January low at 7.28. A break above 7.4637 would clearly invalidate this scenario. Short – Stoploss @ 7.4650 – Target @ 7.2805.
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Natixis