EUR/NOK points to further range bound – Danske Bank

Kristoffer Lomholt, Senior Analyst at Danske Bank, believes the cross could extend its sideline theme for longer.

Key Quotes

“The move in EUR/NOK challenges our call for the cross to break above the 8.92 threshold on a more sustained basis”.

“Yet we do not see price action as an indication of a forthcoming break of the lower range either, as we now re-settle in a range where few want to add shorts – given that the cross seems slightly oversold – but also few want to add longs given a fundamental selling interest”.

“Overall, it suggests EUR/NOK could remain in the 8.84-8.92 range for a little longer”.