Forex Flash: NOR/SEK declines, bulls watching closely - RBS
FXstreet.com (San Francisco) - NOR/SEK has traded down into the 1.1420 price zone this Tuesday, having arrived at key 61.8% Fibonacci support (1.1052 - 1.2020, Feb - Sep '11).
RBS's technical commentary on NOR/SEK: "Technicals suggest that this sell off in NOK/SEK is reaching good entry levels for long positions as it approaches the previous annual low and the important support level at 1.1418. Risk return at these levels is optimal," says William Moore, Technical Strategist at RBS.
Mr. Moore continues: "The irregular double top pattern around 1.2020 was activated through the pivotal 1.1568/78 level has reached its target here and the bias is for the level at 1.1418/22 it to hold just as it did in January of this year as strong support."
RBS's technical commentary on NOR/SEK: "Technicals suggest that this sell off in NOK/SEK is reaching good entry levels for long positions as it approaches the previous annual low and the important support level at 1.1418. Risk return at these levels is optimal," says William Moore, Technical Strategist at RBS.
Mr. Moore continues: "The irregular double top pattern around 1.2020 was activated through the pivotal 1.1568/78 level has reached its target here and the bias is for the level at 1.1418/22 it to hold just as it did in January of this year as strong support."
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