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Short

EUR/NOK breaks major support 9.2570, good to go short on rallies

FX:EURNOK   Euro Fx/Norwegian Krone
77 0 8
Norway's core inflation surged to record highs in July, dampening Norges Bank’s rate cut speculation.

The Krone has surged after inflation data release. EUR/NOK             hit multi-week lows at 9.2094.

The pair has broken major trendline support at 9.2570 on the daily charts , we see scope for further downside.

50-DMA at 9.3507 is major resistance on the upside, while 9.1970 is next major support on the flipside.

Good to go short on rallies around 9.2500, SL: 9.3510, TP: 9.1970/ 9.1550/ 9.1375
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