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EUR/NOK extends the upside post-CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Norwegian krone is depreciating further on Tuesday, lifting EUR/NOK to session highs near 9.34 the figure.

    EUR/NOK stronger on CPI figures

    The cross has seen its upside accelerated after Norwegian inflation figures have surprised to the upside during October, with consumer prices rising 0.4% inter-month and 2.5% over the last twelve months vs. forecasts at 0.2% and 2.2%, respectively.

    Further releases saw Core CPI ticking lower to 3.0% YTD and Producer Prices contracting at an annual pace of 9.4%.

    The cross keeps its consolidative scheme around current levels, keeping alive the rebound from recent lows in the 9.1400 area.

    EUR/NOK important levels

    As of writing the pair is up 0.16% at 9.3290 facing the next resistance at 9.3898 (50% Fibo of 9.6272-9.1523) followed by 9.4689 (high Oct.28) and finally 9.6272 (monthly high Sep.29). On the flip side, a breakdown of 9.2644 (23.6% Fibo of 9.6272-9.1523) would expose 9.1685 (200-day sma) and then 9.1523 (monthly low Oct.9).
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