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EUR/NOK flirting with highs near 9.6300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Norwegian krone keeps depreciating vs. the single currency on Tuesday, now lifting EUR/NOK to the area of session highs near 9.6300 the figure.

    EUR/NOK higher on poor PMI print

    NOK has lost further ground after the manufacturing PMI in the Nordic economy has dropped to 46.8 during December, missing expectations and coming down from November’s 47.5.

    The cross is recovering part of yesterday’s pullback after climbing as high as the boundaries of the psychological handle at 9.7000, levels last seen in December 2014. In addition, prices for the barrel of Brent crude are losing nearly 1%, trading below the $40.00 handle and adding further selling pressure to NOK.

    EUR/NOK significant levels

    As of writing the cross is up 0.01% at 9.6235 facing the next hurdle at 9.6913 (high Jan.4) followed by 9.7000 (psychological level) and finally 9.8646 (high Dec.13 2014). On the downside, a break below 9.4036 (low Dec.17) would expose 9.3859 (55-day sma0 and then 9.3509 (100-day sma).
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