USDNOK is consolidating after the reversal breakout
USDNOK is consolidating after the reversal breakout above 8.95. A close above 9.100 is required for the upside continuation and extension higher to test the upside resistance zone 9.50-9.60. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 8.8000. A break below this level would lead to a deeper pullback. The overall long-term is an uptrend but we need to see a break above 9.600 for a complete reversal higher.
Note – We are more inclined to a long trade entry with the stop loss below 8.8000
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