EUR/NOK is testing a major resistance zone near 12.06/12.13, with past attempts to break higher unsuccessful, leaving 11.73 as the key level to watch on the downside, Société Générale's FX analysts note.
Multiple failures highlight resistance strength
"EUR/NOK is gradually approaching the upper boundary of its established range since 2023, situated at 12.06/12.13. The pair has failed to decisively break above this hurdle on multiple occasions."
"Should upward momentum falter near this resistance zone, a short-term pullback remains possible. The recent pivot low at 11.73 serves as an important support. A failure to hold above 11.73 could increase the risk of a deeper decline."
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