When USD/NOK broke the 9.2000 level, the bears were squeezed and squeezed hard. We rallied today above the 200-day moving average before pulling back and closing below the 200-dma. But we are also at the 24% retracement of the March highs to recent lows, which means we could still have further to rally. The 38% Fibonacci retracement level is at the 9.9768 level, just shy of the big figure. While we trade above the 9.2000 level, we'd think bulls will be looking for that 38% level in the weeks ahead.
