Thursday, September 24, 2015

EUR/NOK shoots to 9.44 on Norges Bank

FXStreet (Edinburgh) - The Norwegian krone is rapidly depreciating today, sending EUR/NOK to test fresh highs in the 9.4300 neighbourhood.

EUR/NOK higher on NB decision

The cross has advanced almost 15 big-figures after the Norges Bank has cut its benchmark rate by 25 bp at today’s meeting, taking it to 0.75% from 1.0%. The Nordic central bank has also left the door open to further rate cuts in the upcoming year.

The cross is trading in fresh 3-week tops above 9.4400 the figure, managing to break above the 9.17-9.27 consolidative pattern that has been prevailing since early September.

EUR/NOK relevant levels

As of writing the cross is up 1.80% at 9.4431 facing the next hurdle at 9.4904 (high Aug.27) followed by 9.5201 (high Aug.25) and finally 9.5544 (high Aug.24). On the other hand, a breach of 9.2240 (low Sep.24) would expose 9.1986 (low Sep.23) and then 9.1328 (low Sep.10).
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