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EUR/NOK shoots to highs near 9.5500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Norwegian krone is rapidly depreciating vs. the euro today, lifting EUR/NOK to the area of session highs near 9.5500.

    EUR/NOK stronger on lower oil investment

    NOK is being hammered after February oil investment survey indicated that estimates for investment in oil and gas showed a significant decline in the current year in comparison with the previous report, mainly due to an important decrease in the estimates for exploration.

    Furthermore, total investment for 2016 are expected at NOK 214.4 billion vs. NOK 233.3 billion recorded during 2015, around 9% lower.

    Collaborating with the downside, crude oil prices remain on the defensive today, giving away further gains after the recent rally.

    EUR/NOK significant levels

    As of writing the cross is up 0.66% at 9.5388 facing the next resistance at 9.5639 (55-day sma) followed by 9.7199 (high Feb.9) and then 9.7511 (high Jan.21). On the other hand, a breach of 9.4343 (100-day sma) would expose 9.3667 (low Jan.29).
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