EUR/NOK On a Dowtrend

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Oil prices have started to rally and show a breakout higher of the recent trend to the downside. As production cuts seemingly show promising signs also the stock markets are building slight momentum to the upside. Yet profit-taking towards the end of April trading has shown a substantial negative momentum and could lead towards the markets heading lower again soon.

A stronger oil market, for now, is supporting related currencies. The NOK, which has suffered initially a lot at the beginning of the Coronavirus is now strengthening again. We would sell the pair at 11.12 with SL at 11.55 and TP at 10.60

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