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EUR/NOK sinks to lows post-Norges Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Norwegian krone has rapidly appreciated vs. the euro following the Norges Bank decision, dragging EUR/NOK to fresh lows near the 9.34 handle.

    EUR/NOK weaker on steady NB

    The cross has seen its decline accelerated after the Norges Bank has left its monetary stance unchanged at today’s meeting, with the repo rate staying at 0.75% as broadly expected.

    The cross is now giving away part of yesterday’s strong advance, with market participants now turning their attention to the ECB and Norges Bank meetings in December, where the likeliness of further easing by both central banks remains alive.

    EUR/NOK levels to consider

    As of writing the cross is losing 0.46% at 9.3515 facing the next support at 9.3017 (55-day sma) followed by 9.2583 (23.6% Fibo of 9.6319-9.1429) and then 9.1689 (100-day sma). On the other hand, a surpass of 9.4451 (61.8% Fibo of 9.6319-9.1429) would open the door to 9.4674 (high Oct.28) and finally 9.5564 (high Aug.28).
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