From an hourly perspective, the EUR/NOK has reached its highest momentum reading of the last 20 days of trading.
Recent EUR/NOK longs are speculative and likely vulnerable. Unless they are fed with comforting releases, a torrent of selling could very well ensue in the form of profit taking and/or forced liquidation.
With the fresh printed hourly MACD showing less acceleration, the prospect for a base building or correction in the near future looks to be quite realistic.
(Market News Provided by FXstreet)