Wednesday, October 28, 2015

EUR/NOK inching higher, 9.40 on sight

FXStreet (Edinburgh) - The Norwegian krone is quickly depreciating vs. the single currency on Wednesday, pushing EUR/NOK to fresh higher near 9.40 the figure.

EUR/NOK stronger on data

The cross is trading in 3-week peaks after disappointing results from the Norwegian economy saw Core Retail Sales contracting 0.8% from August to September, missing forecasts for a 0.2% advance. In addition, the unemployment rate has ticked higher t0 4.6% during August vs. 4.4% expected and July’s 4.3% and the Industrial Confidence came in at -0.8 during the third quarter.

In the meantime, the cross is recovering from the sharp drop from 2015 tops near the 9.6400 handle posted in late September, somewhat removing pressure off the Norges Bank regarding the possibility of further rate cuts.

EUR/NOK levels to watch

As of writing the cross is gaining 0.51% at 9.3897 with the next resistance at 9.4451 (61.8% Fibo of 9.6317-9.1429) ahead of 9.5564 (high Aug.24) and finally 9.6317 (2015 high Sep.29). On the downside, a breach of 9.2941 (55-day sma) would aim for 9.2583 (23.6% Fibo of 9.6317-9.1429) and then 9.1429 (monthly low Oct.12).
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