EUR/NOK testing daily lows near 9.3500

The Norwegian Krone is gathering pace on Tuesday, now sending EUR/NOK to the area of daily highs in the 9.3500 neighbourhood.

EUR/NOK lower on data, oil

NOK is pushing higher today after Norwegian Mainland GDP figures have surprised to the upside, showing the economy expanded 0.6% QoQ during the January-March period vs. expectations at 0.5% and up from the previous 0.4% expansion.

Collaborating with NOK’s bid tone, crude oil prices stay firm today, prolonging the recent rally and taking the barrel of Europe’s reference Brent crude beyond the $52.00 mark.

In the meantime, the cross is looking to consolidate around current levels, following the drop from fresh 2017 tops near the 9.5800 handle seen earlier in the month.

EUR/NOK significant levels

As of writing the cross is losing 0.47% at 9.3450 facing the next support at 9.3263 (50% Fibo of the April-May rally) followed by 9.2669 (61.8% Fibo of the April-May rally) and finally 9.2023 (55-day sma). On the upside, a breakout of 9.3900 (high May 15) would aim for 9.4591 (23.6% Fibo of the April-May rally) and then 9.4822 (high May 8).