EUR/NOK stays close to 2-month peaks around 9.7400

The Norwegian Krone trades on a softer tone in the second half of the week.
The cross keeps the uptrend intact and hovers over 2-month tops.
The Norges Bank published the quarterly ‘Expectations Survey’.

Pablo Piovano FXStreet

The Norwegian currency has resumed the downside on Thursday and is now pushing EUR/NOK to the 9.7400 area, closer to recent peaks.

EUR/NOK approaches 2-month tops

The cross continues to recover ground lost on Wednesday and is now testing the 9.7400 region, trading at shouting distance from 2-month peaks recorded earlier in the week.

EUR/NOK is following the better tone in the European currency, while the offered bias around the barrel of Brent crude is playing against any recovery in the Norwegian Krone.

Earlier in the session, the quarterly survey for inflation expectations, wage growth, exchange rate and interest rates commissioned by the Norges Bank was published. In it, economists expect consumer prices to raise 2.4% within the next 12 months and wages to expand 2.9% this year and 3.0% in 2019.

EUR/NOK significant levels

As of writing the cross is up 0.31% at 9.7400 and a breakout of 9.7698 (high Nov.20) would aim for 9.7806 (high Aug.28) and finally 9.8079 (high Sep.7). On the flip side, immediate contention emerges at 9.6507 (10-day SMA) seconded by 9.5692 (200-day SMA) and then 9.5006 (low Nov.8).

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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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