TenkoFX - Analytics

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    EUR/NOK stronger, tests peaks near 9.2800

    The Norwegian krone is accelerating its daily losses vs. the single currency today, pushing EUR/NOK to fresh tops near the 9.2800 handle.EUR/NOK up following CPI releases in NorwayNOK is losing momentum despite consumer prices tracked by the CPI have surprised markets to the upside in the Nordic economy. Consumer Prices rose 0.3% from April to May vs. 0.1% forecasted and 3.4% on a yearly basis. Further results saw Core prices advancing 0.4% while Core CPI YTD gained 3.2% YoY.The cross is reverting yesterday’s pullback, looking to extend the bounce off weekly lows in sub-9.200 levels.EUR/NOK significant levelsAs of writing the cross is advancing 0.43% at 9.2702 facing the next up barrier at 9.2903 (20-day sma) followed by 9.3136 (55-day sma) and finally 9.3625 (high Jun.2). On the other hand, a breach of 9.1924 (low Jun.8) followed by 9.1824 (low Apr.27) and then 9.1461 (2016 low Apr.20).


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