URNOK has a similar-looking chart to the Euro against the Kiwi in that the rate is trying to shake off the influence of a long-standing downtrend dating back to late March 2020. Achieving the Best euro exchange rate versus a currency that’s in the EU ought to be straight forward but you will still need to do your homework.
The rate moved back above the trend line in Mid-May but has yet to convincingly break away from it. However, the line itself continues to descend and so it is putting further distance between the downtrend and the EURNOK rate.
Currently trading at 10.2864 the short term upside target would be 10.33913 the recent and three month high. Thereafter we could look for 10.4584 the early March 2021 high and area of horizontal resistance that played a role back in late January as well. Should EURNOK get through there then 10.55186 and 10.5933 are deeper mid-term targets. For a longer-term target, we can look for 11.1399 which formed part of the double top pattern seen in Autumn last year.
Darren is a veteran of the financial markets with almost 36 years of experience under his belt. He has worked in trading, sales, analytical, and research roles, he has been a regular guest & commentator on financial television channels and publications. During his career, Darren has been fortunate to act for and advise major hedge funds and investment banks as well as HNWI. Darren analyses the markets using a blend of technical and fundamental analysis