Technical Analysis – EURNOK retraces from new all-time high despite positive signals

EURNOK looks to have paused in the very short-term, after reversing from the fresh top of 10.9953. Despite the slight weakening in positive momentum reflected in the technical oscillators, positive signals are still evident within the upward sloping simple moving averages (SMAs).

The MACD, although appearing to ease slightly, is in the positive area and is distanced above its red trigger line, while the RSI has weakened in the overbought region.

To the downside, initial support could come from the nearby swing low of 10.746 ahead of the 10.614 obstacle, which is the 38.2% Fibonacci retracement of the up leg from 9.999 to 10.9953. Moving lower, the 20-period SMA and 50.0% Fibo of 10.496 could prevent the pair testing the 10.427 barrier (previous resistance-now-support).

Alternatively, if buyers resume the ascent, initial resistance could come from revisiting the all-time high of 10.9953. If buying interest persists, the 11.157 level, which is the 423.6% Fibonacci extension of the down leg from 10.273 to 9.999 could come into focus.

Summarizing, the short-term positive picture is still intact above 10.746 but a move below 10.427 could see a neutral-to-bearish bias returning.


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