EUR/NOK tests highs on oil weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Norwegian krone keeps depreciating across the board, pushing EUR/NOK to fresh daily highs in the 9.6400 area.

    EUR/NOK higher on oil

    The cross remains in the upper end of the recent range, trading close to fresh highs around the 9.6900 handle and propped up by the persistent weakness in crude oil prices. It is worth mentioning that the barrel of Brent crude has reached the mid-$35.00s in early trade, levels last seen over a decade ago.

    In another direction, the current weak tone around NOK have alleviated some pressure regarding a potential rate cut by the Norges Bank in its next meetings.

    EUR/NOK significant levels

    As of writing the cross is up 0.66% at 9.6424 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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