EUR/NOK technical analysis: The Norwegian Krone shines today as the EUR slumps

  • Norwegian Manufacturing Production month on month hits 0.8% vs expected 0.4% for September.
  • EUR/NOK could now be heading lower toward the psychological 10.000 level.


EUR/NOK has taken a hit today as a combination of EUR weakness and NOK strength provides the perfect combination.

Even USD/NOK trades lower as the greenback trades well against most of its counterparts. 

The NOK is a commodities currency and it seems to be benefitting from the higher oil price (WTI +2%) and the improved trade rhetoric between the US and China.

Chart Analysis

Looking at the 4-hour chart, the trendline has now been broken to the downside indicating bearishness.

The support level of 10.070 support level has also been taken out and the psychological 10.00 level could be the next support.

The RSI indicator is heading lower but has not reached the oversold level so there could be some more space for some weakness.

The whole formation is also a head and shoulders pattern and the head and shoulders target would take it to 9.941. 

EUR/NOK analysis

EUR/NOK Head and Shoulders Pattern

EUR/NOK head and shoulders

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.


EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/UDS dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 


Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Read more

Gold: Sidelined after biggest daily decline in four weeks

Gold is lacking a clear directional bias in Asia, having registered its biggest single-day decline in four weeks on Friday. China's data may embolden President Trump to take more aggressive measures. 

Gold News

USD/JPY in search of a firm direction, stuck in a range above mid-108.00s

USD/JPY was seen oscillating in a narrow band and consolidated last week’s losses. US-China trade uncertainties continued underpinning the JPY’s safe-haven status. Investors now seemed reluctant ahead of the latest FOMC monetary policy update.