EUR/NOK: sell target - 8.2000
- EUR/NOK broke strong support zone
- Next sell target - 8.2000
EUR/NOK has been falling strongly from the start of this month – recently breaking the major support zone lying between the support levels 8.5000 and 8.5500 (as you can see below). This support zone has been repeatedly reversing this currency pair from the start of February. The breakout of this support zone should strengthen the bearish pressure on EUR/NOK in the near-term perspective.
The pair is likely to fall further inside the accelerated impulse wave 3 of the intermediate (C)-wave from last month (which is a part of the second primary ABC correction ② from December). Next sell target stands at the support level 8.2000 (target price for the termination of impulse 3).