EUR/NOK bulls need to breathe

The EUR/NOK has made its gains in the last week continuously and now the price has fallen below the 50-SMA on the 4-hour charts.

The downward movement of the pair brings the RSI is in a technically weak Position under the 35 level. This is regarded as a oversold area, which has on the other hand, a bullish context.

While the price is still above the 200-SMA, it is possible that the buyers will get to try the upward trend. It should come to a break of the 200-MA, the risk that the correction, a new downward trend. A closing price above the 50 SMA, the continuation of the upward movement signals.

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