EUR/NOK still a ‘sell on rallies’ – Danske Bank

Thomas Rosenlund, Analyst at Danske Bank, has recommended selling the cross on occasional bullish attempts.

Key Quotes

“In a very thin data calendar, EUR/NOK continues to trade ‘heavy’, shrugging off the oil price decline”.

“The cross dropped below the 9.00 level yesterday and has been stable around 8.99 overnight. According to our short-term financial model, EUR/NOK is slightly undervalued suggesting a limited near-term downside potential”.

“However, we expect the cross to continue to grind lower and we still like selling the cross on rallies”.