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EUR/NOK weaker on GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Norwegian krone is sharply appreciating vs. the European currency on Tuesday, dragging EUR/NOK to fresh lows near 9.2300 the figure.

    EUR/NOK weaker post-GDP

    The cross sunk to weekly lows following the better-than-expected GDP figures in Norway, showing the economy has expanded at a seasonally adjusted 1.8% inter-quarter during the third quarter. Further data showed Mainland GDP expanding at 0.2% vs. 0.3% from the previous quarter.

    The pair is retreating for the third session in a row, coming down from recent peaks in the 9.40 area posted last week.

    EUR/NOK levels to consider

    As of writing the cross is down 0.37% at 9.2535 and a drop below 9.2016 (100-day sma) would expose 9.1220 (low Sep.10) and finally 8.8167 (low Jul.16). On the other hand, a surpass of 9.3920 (high Nov.13) would aim for 9.4674 (high Oct.28) and then 9.5165 (76.4% Fibo of 9.6319-9.1429).
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