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EUR/NOK off highs post-Norges Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Norwegian krone is depreciating further vs. the single currency on Tuesday, lifting EUR/NOK to session highs near the 9.4400 handle.

    EUR/NOK higher on Norges Bank survey

    The selling mood around NOK has intensified today following the Norges Bank’s regional network survey, showing that companies expect the activity to remain almost unchanged over the next six months.

    The survey has reported that growth remains firm in household services and the traditional export industry, while the oil service sector showed the sharpest decline. In addition, companies expect the employment to grind lower in the next three months.

    EUR/NOK significant levels

    As of writing the cross is advancing 0.69% at 9.4225 facing the next hurdle at 9.4533 (100-day sma) followed by 9.4912 (20-day sma) and finally 9.5445 (55-day sma). On the flip side, a break below 9.3052 (2016 low Mar.7) would open the door to 9.2736 (200-day sma) and then 9.0832 (low Dec.2 2015).
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