Societe Generale recommends to buy EUR/NOK

Rationale : EUR/NOK is forming a head-and-shoulders pattern on hourly charts. Persistently weak oil prices and likely continued dovish message by the Norges Bank this week should keep NOK trading on the weak side. 
Expression:  Buy EUR/NOK at 9.1950, with a stop at 9.13, targeting 9.40 Mechanics Straightforward spot trade. 
Risks: A rally in crude oil prices would lift the Norwegian krone, as would a more hawkish than expected tone following the Norges Bank policy meeting this week.

The post Societe Generale recommends to buy EUR/NOK appeared first on www.forextell.com.

Leave a Reply