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EUR/NOK in 3-month highs near 9.61

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Norwegian krone is sharply lower vs. the single currency during the first half of the week, lifting EUR/NOK to fresh highs around 9.6100 the figure.

    EUR/NOK stronger on oil

    The better sentiment around EUR but mainly the ongoing collapse in crude oil prices is sending the cross to print fresh 3-month peaks in the 9.6100 area. In fact, the barrel of Brent remains depressed despite it has now recovered some ground, trading back in the mid-$40.00s and alleviating a tad the upside pressure in the cross.

    The next big event in the Nordic economy will be the decision rate by the Norges Bank on December 17, where recent economic indicators and the current weakness around NOK could prompt the bank to stay put.

    EUR/NOK levels to consider

    As of writing the cross is up 1.76% at 9.5576 facing the next resistance at 9.6317 (2015 high Sep.29) followed by 9.8646 (high Dec.16). On the other hand, a break below 9.5026 (76.4% Fibo of 9.6317-9.0832) would expose 9.3019 (55-day sma) and finally 9.0832 (low Dec.2).
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