The krone rally continued last week, but analysts at Nordea believe that NOK has reached the peak for now. The EUR/NOK pair is more likely to move up than further down in the near-term. See – EUR/NOK: Krone to rebound further but at more gradual pace – MUFG Key quotes “EUR/NOK has fallen around 3.5% since 22 December 2020 when this rally began. Previous rallies have ended with movements between 3% and 4%. This suggests that the end of this rally is near.” “The Relative Strength Index (RSI) has come below 30, a sign that NOK is overbought against the EUR. Usually, after an RSI reading below 30, EUR/NOK either moves up or consolidates.” “Foreigners are already quite long NOK. At the current EUR/NOK levels, the foreign financial speculators could be tempted to unwind their long NOK positions. The same argument holds for domestic financial speculators. Any headwinds in financial markets will likely lead to a snowball effect whereby financial speculators all head for the door at once, potentially leading to a sharp rise in EUR/NOK.” “With most of the oil bullishness already priced in, oil prices are likely near their peak for now, restricting the upside for NOK in the short-term. Further upside in the oil price is probably very limited in the short term, and we don’t expect prices above $60/barrel before the summer.” “On the upside, we see resistance at 10.50 and then at 10.60. We see support at 10.30 but this level fell last week and the next line in the sand is 10.20.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Two significant differences between Japan and the eurozone – Natixis FX Street 1 year The krone rally continued last week, but analysts at Nordea believe that NOK has reached the peak for now. The EUR/NOK pair is more likely to move up than further down in the near-term. See – EUR/NOK: Krone to rebound further but at more gradual pace – MUFG Key quotes “EUR/NOK has fallen around 3.5% since 22 December 2020 when this rally began. Previous rallies have ended with movements between 3% and 4%. This suggests that the end of this rally is near.” “The Relative Strength Index (RSI) has come below 30, a sign that NOK is overbought against the EUR.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.