EUR/NOK stays around 9.7000, near session lows

NOK picks up pace following the rally in crude oil.
The cross drops and test new multi-day lows around 9.6800.
Norway’s manufacturing PMI came in a tad above estimates.

Pablo Piovano FXStreet

The Norwegian Krone is picking up further pace today and keeps EUR/NOK under downside pressure in sub-9.7000 levels, or multi-day lows.

EUR/NOK weaker on oil gains

The cross came under renewed and strong selling pressure at the beginning of the week, following the rest of the risk-associated assets as well as the oil-related currencies.

In fact, NOK appreciates to fresh tops vs. the single currency following a sharp raise in prices of the European reference Brent crude, which managed to retake the $61.00 mark and above per barrel in response to alleviated US-China trade concerns.

In addition, although on a lesser degree, NOK is deriving some extra support from November’s manufacturing PMI, which surpassed estimates at 56.1.

All the attention now should be on the upcoming OPEC+ meeting on December 6-7 in Vienna, where the cartel could announce fresh oil output cuts.

EUR/NOK significant levels

As of writing the cross is down 0.29% at 9.7017 facing the next support at 9.6743 (low Dec.3) seconded by 9.6537 (21-day SMA) and then 9.5006 (low Nov.8). On the upside, a break above 9.7713 (high Nov.21) would aim for 9.7806 (high Aug.28) and finally 9.8079 (high Sep.7).

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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