EUR/NOK rejected at key multiyear resistance – Société Générale

EUR/NOK is retreating after a failed breakout above 12.05, with focus shifting to support near the 50-DMA and downside targets at 11.60 and 11.45, Société Générale's FX analysts note.

Gradual pullback tests 50-Day Moving Average

"EUR/NOK failed to establish itself beyond multiyear graphical hurdle of 12.05 highlighting a lack of steady upward momentum. The pair has experienced a gradual pullback recently and is challenging the 50-DMA."

"A brief bounce is not ruled out however last week high of 11.88 could provide resistance. Failure to cross 11.88 can result in continuation of decline. Next objectives could be located at projections of 11.60 and 11.47/11.45."