0736 GMT [Dow Jones] Pivotal support at 8.20 in EUR/NOK is under pressure, ahead of the Norges Bank rate decision. The last time EUR/NOK was around the 8.20 level in early April, a recovery to 8.3379 was achieved, but the series of lower highs and lower lows from the December 2013 peak at 8.5455 suggests a downside break below 8.20 is a potent threat - it's just a question of when the break occurs. The 8.20 level has acted as a pivotal level since October 2013, and a sustained break lower would generate downside risk to the 8.15 area. EUR/NOK is at 8.2065. -By Francis Bray, Dow Jones Chief Technical Analyst For Europe.(francis.bray@dowjones.com) (This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security or currency. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)
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May 08, 2014 03:36 ET (07:36 GMT)
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