EUR/NOK is now close to the upper limit of a multiyear channel at 10.32 which is also the 76.4% retracement from June. Above here, the pair is set to enjoy further gains, economists at Société Générale report.

A short-term pullback is not ruled out

“A short-term pullback is not ruled out towards 200-DMA at 9.99/9.96. This is first layer of support.”

“Weekly MACD is attempting a cross above its trigger and entering positive territory which points towards upside.”

“Once a move beyond 10.32 materializes, an extended rebound is not ruled out.”