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28 Jan 2015
EUR/NOK rebounds to 8.8000
FXStreet (Edinburgh) - The Norwegian krone is depreciating vs. the single currency on Wednesday, with EUR/NOK now reclaiming the 8.80 level.
EUR/NOK weaker on EUR, data
The Nordic cross keeps the positive ground despite the earlier knee-jerk following the decline in the Norwegian jobless rate to 3.7% during November from 3.8%. The current generalized reticence of the shared currency is also collaborating with the upsde in the cross, coming down from peaks near 8.8200.
Thomas Harr, analyst at Danske Bank, added “On 6-12 months, we expect EUR/NOK to fall sharply, with NB having finished cutting rates and ECB QE continuing to be playing out”.
EUR/NOK key levels
At the moment the cross is up 0.15% at 8.7967 with the next resistance at 8.8900 (high Jan.22) followed by 8.9221 (high Jan.19). On the downside, a breach of 8.6713 (low Jan.23) would expose 8.6250 (low Dec.4).
EUR/NOK weaker on EUR, data
The Nordic cross keeps the positive ground despite the earlier knee-jerk following the decline in the Norwegian jobless rate to 3.7% during November from 3.8%. The current generalized reticence of the shared currency is also collaborating with the upsde in the cross, coming down from peaks near 8.8200.
Thomas Harr, analyst at Danske Bank, added “On 6-12 months, we expect EUR/NOK to fall sharply, with NB having finished cutting rates and ECB QE continuing to be playing out”.
EUR/NOK key levels
At the moment the cross is up 0.15% at 8.7967 with the next resistance at 8.8900 (high Jan.22) followed by 8.9221 (high Jan.19). On the downside, a breach of 8.6713 (low Jan.23) would expose 8.6250 (low Dec.4).