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EUR/NOK upside capped near 9.6500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Norwegian krone is depreciating vs. the single currency today, with EUR/NOK hovering over the area of 9.6300.

    EUR/NOK stronger on oil, data

    The cross has reverted the initial bearishness after Norwegian GDP figures have come in below consensus today, showing that the Nordic economy has unexpectedly contracted 1.2% QoQ during the fourth quarter, vs. 0.2% initially forecasted and sharply lower than the 1.6% expansion seen during the previous quarter.

    Adding to NOK weakness, crude oil prices have returned to the negative territory after today’s closed-door meeting between Venezuelan, Russian, Qatar and Saudi oil ministers has disappointed expectations.

    EUR/NOK significant levels

    As of writing the cross is up 0.04% at 0.6222 and a breakout of 9.7199 (high Feb.9) would expose 9.7511 (high Jan.21). On the other hand, the next support lies at 9.5718 (55-day sma) followed by 9.5488 (20-day sma) and finally 9.4949 (38.2% Fibo of 0.0814-9.7511).
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