13 Feb 2015
EUR/NOK testing 2-day lows
FXStreet (Edinburgh) - The Norwegian krone is reclaiming recent ground lost, confining EUR/NOK to intraday lows around 8.6400.
EUR/NOK weaker after Norges Bank
In its annual address yesterday, the Norges Bank stressed that ‘Norway is still far from being in a crisis situation’, adding that a weak NOK is helping the competitiveness of the country.
In a context of declining crude oil prices, the NB informed that the key petroleum fund (GPFG) will keep growing albeit at a slower pace.
EUR/NOK important levels
The cross is down 0.82% at 8.6412 with the next support at 8.5500 (low Feb.6) ahead of 8.4465 (200-d MA) and then 8.4000 (low Nov.21). On the upside, a breakout of 8.7268 (high Feb.13) would aim for 8.7804 (high Feb.12) and finally 8.8758 (high Jan.29).
EUR/NOK weaker after Norges Bank
In its annual address yesterday, the Norges Bank stressed that ‘Norway is still far from being in a crisis situation’, adding that a weak NOK is helping the competitiveness of the country.
In a context of declining crude oil prices, the NB informed that the key petroleum fund (GPFG) will keep growing albeit at a slower pace.
EUR/NOK important levels
The cross is down 0.82% at 8.6412 with the next support at 8.5500 (low Feb.6) ahead of 8.4465 (200-d MA) and then 8.4000 (low Nov.21). On the upside, a breakout of 8.7268 (high Feb.13) would aim for 8.7804 (high Feb.12) and finally 8.8758 (high Jan.29).