Ella 
171
EUR/NOK fell below a multi-month trend line last month, following a prolonged pullback. EUR/NOK retested the temporary support of the 200-day moving average around 11.09. The daily MACD is in deep negative territory, highlighting the overshoot. This is not a reversal signal, but an initial rebound cannot be ruled out. The May low of 11.48 is an important short-term resistance level.
Failure to recover 11.48 would mean the downtrend will continue. A break below 11.09 would extend the decline to 10.93 and possibly even 10.77/10.70, the 50% retracement of the swing from 2022.
