The Norwegian krone keeps the high ground supported by continued strength in oil prices.
Sentiment has remained downbeat after a break below the daily support at 8.4700. Rebounds have so far been checked by solid selling interest.
The current sideways action under 8.4100 could be another phase of distribution. Then the bears would be pushing towards June’s low at 8.2400, the last support before reaching this year’s low at 8.1500.
8.4800 near the 20-day moving average would be the second resistance in case of a bullish attempt.
