EUR/NOK set to break below the 9.90 year low towards the 9.50 mark – Commerzbank

EUR/NOK has started to erode the 55-month moving average for the first time in eight years, leaving this year's low at 9.90 exposed. Failure here will target 9.50, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

See – EUR/NOK: Slightly weaker krone ahead – Nordea

YTD low at 9.90 looks vulnerable

“EUR/NOK has eroded its 55-month ma at 10.01 for the first time since 2013 and this leaves this year low at 9.90 exposed.”

“Failure at 9.90 will target 9.50 longer-term (61.8% retracement of the move from 2012.”