EUR/NOK clinches highs above 9.4200

Pablo Piovano FXStreet

The Norwegian krone is rapidly depreciating vs. its European peer today, lifting EUR/NOK to fresh highs above the 9.4200 handle.

EUR/NOK higher on oil slump

The softer tone in crude oil prices is weighing on NOK today, prompting the cross to advance to fresh 2-week tops as the barrel of Brent crude is losing nearly 1% around $47.30.

In addition, the demand for the single currency remains firm in response to a selling bias surrounding the dollar and positive results from July’s IFO indicator in the German economy.

EUR/NOK significant levels

As of writing the cross is advancing 0.33% at 9.4192 facing the next hurdle at 9.4554 (high Jul.8) followed by 9.5794 (high Jun.24) and finally 9.7595 (2016 high Feb.11). On the flip side, a breach of 9.3538 (20-day sma) would aim for 9.3306 (55-day sma) and then 9.2778 (low Jul.14).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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