EURNOK exchange rate testing to the upside but has yet to be convincing

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.

Compare Vetted Investing, Trading & Currency Accounts

Investing AccountsTrading PlatformsCurrency Transfers
Compare Investment Accounts

Compare Investment Accounts

Compare Trading Platforms

Compare Trading Platforms

Compare Currency Brokers

Compare Currency Brokers

Trading Risk Warning

ALL INVESTING INVOLVES RISK. Investing, Derivatives, Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved.
ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk”