13 Jan 2015
EUR/NOK bounces off 9.0800
FXStreet (Edinburgh) - Following its Nordic counterpart, the Norwegian krone is picking up pace vs. the euro on Tuesday, with EUR/NOK now rebounding to the 9.1180 region.
EUR/NOK following EUR, oil prices
The downbeat tone from the European currency would be the main driver behind the current slide of the cross, eclipsing another important drop in crude oil prices, with WTI and Brent hovering over $44.80 and $46.00, respectively. In the view of analysts at BTMU, “we expect krone undervaluation to gradually ease in the year ahead once and assuming that the price of crude oil begins to stabilize at lower levels”.
EUR/NOK levels to watch
As of writing the cross is down 0.41% at 9.1139 with the next support at 9.0310 (30-d MA) followed by 8.9510 (low Jan.8) and then 8.8543 (high Dec.5). On the flip side, a break above 9.1960 (high Jan.13) would aim for 9.3020 (high Jan.7) and finally 9.3307 (38.2% of 9.8988-8.9795).
EUR/NOK following EUR, oil prices
The downbeat tone from the European currency would be the main driver behind the current slide of the cross, eclipsing another important drop in crude oil prices, with WTI and Brent hovering over $44.80 and $46.00, respectively. In the view of analysts at BTMU, “we expect krone undervaluation to gradually ease in the year ahead once and assuming that the price of crude oil begins to stabilize at lower levels”.
EUR/NOK levels to watch
As of writing the cross is down 0.41% at 9.1139 with the next support at 9.0310 (30-d MA) followed by 8.9510 (low Jan.8) and then 8.8543 (high Dec.5). On the flip side, a break above 9.1960 (high Jan.13) would aim for 9.3020 (high Jan.7) and finally 9.3307 (38.2% of 9.8988-8.9795).