EUR/NOK to advance nicely towards 10.65/70 once above 10.23 – SocGen

EUR/NOK is near a multimonth trend line at 10.23. Above here, the pair could enjoy further gains towards 10.40, then 10.65/70, economists at Société Générale report.

Recent low at 9.90 cushions downside

“EUR/NOK is in vicinity to the descending trend line drawn since April 2020 at 10.23. If this is overcome, an extended bounce could materialize towards 10.40 and projections of 10.65/10.70.”

“Recent low at 9.90 cushions downside.”