EUR/NOK has broken above its key medium-term resistance zone at 10.4004/10.3828. Economists at Credit Suisse look for further upside to unfold in the medium-term, with scope to reach 10.8583 in due course. 

EUR/NOK looks set for further medium-term strength

“Though a short pullback may slow the advance in the near-term, the rising 55-day and 200-day moving averages, as well as weekly MACD momentum turning outright positive, continue to point toward further strength in the medium-term.”

“We stay biased higher and look for a move to the July 2021 high at 10.7038 in due course, with a break above here seeing scope to reach the 38.2% retracement of the 2020/22 fall at 10.8583.”

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