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27 Mar 2015
EUR/NOK resumed the upside
FXStreet (Edinburgh) - The Norwegian krone accelerates its depreciation vs. the euro on Friday, lifting EUR/NOK to session highs near 8.6800.
EUR/NOK firmer post-data in Norway
The krone lost further ground despite Norwegian Core retail sales expanded 0.9% inter-month during February vs. 0.5% previously estimated and reverting the previous 0.7% contraction. Further data showed the unemployment rate stayed unchanged at 3.0% for the month of March and the unemployment decreased by 88.65K vs. 89.10K forecasted; in addition, the Credit Indicator C2 (general public’s gross domestic debt) rose to 5.4 in February, a tad lower than January’s 5.6%
EUR/NOK levels to consider
At the moment the cross is up 0.57% at 8.6618 with the next resistance at 8.7452 (100-d MA) followed by 8.8760 (high Jan.29) and then 8.8900 (high Jan.22). On the flip side, a breakdown of 8.5980 (low Mar.19) would expose 8.5865 (low Mar.12) and finally 8.5125 (200-d MA).
EUR/NOK firmer post-data in Norway
The krone lost further ground despite Norwegian Core retail sales expanded 0.9% inter-month during February vs. 0.5% previously estimated and reverting the previous 0.7% contraction. Further data showed the unemployment rate stayed unchanged at 3.0% for the month of March and the unemployment decreased by 88.65K vs. 89.10K forecasted; in addition, the Credit Indicator C2 (general public’s gross domestic debt) rose to 5.4 in February, a tad lower than January’s 5.6%
EUR/NOK levels to consider
At the moment the cross is up 0.57% at 8.6618 with the next resistance at 8.7452 (100-d MA) followed by 8.8760 (high Jan.29) and then 8.8900 (high Jan.22). On the flip side, a breakdown of 8.5980 (low Mar.19) would expose 8.5865 (low Mar.12) and finally 8.5125 (200-d MA).