The EURNOK is nearing channel resistance.

The EURNOK has been in a long term descending channel, and with the channel resistance at 10.4500 and the 78% Fibonacci retracement of the July high to October lows coming in at 10.4799 the risk is for a turn lower. Also, give that the crude market is trying to recover after a recent 27%+ slide lower last month, the NOK could also gain back some lost ground as well as the NOK and Crude have a strong correlated relationship.  We’d expect dips back towards the 200dma at 10.1300 to offer near term support.

Blake Morrow