USDNOK bounce off the strong long-term support
USDNOK is testing long-term support uptrend line also a horizontal support 8.8040. A bounce and a close above 9.0160 is required for the upside continuation and extension higher. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 8.7900. USDNOK completely retraced the latest Jan-Mar 2020 swing high and need to bounce to continue the upside trend. The overall long-term is an uptrend and a confirmed break above 9.0690 will lead to an extended continuation higher.
Note – We are inclined to long trade entries with the stop loss below 8.7900 if the stop would be taken reverse to short trades
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