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6 Feb 2015
EUR/NOK testing lows near 8.5700
FXStreet (Edinburgh) - The Norwegian krone is picking up pace on Friday, dragging EUR/NOK to the vicinity of 8.5700.
EUR/NOK weaker on oil, data
The NOK continues to derive support mainly from the recent pick up in the crude oil prices. Collaborating with the strength surrounding the Nordic currency, today’s Manufacturing Output surged to 2.2% during December, leaving behind both previous estimates and November’s print.
EUR/NOK significant levels
As of writing the cross is down 0.64% at 8.5815 with the next support at 8.5520 (high Nov.20) ahead of 8.4425 (200-d MA) and finally 8.4000 (low Nov.21). On the other hand, a break above 8.6841 (high Feb.5) would aim for 8.7161 (10-d MA) and then 8.8760 (high Jan.29).
EUR/NOK weaker on oil, data
The NOK continues to derive support mainly from the recent pick up in the crude oil prices. Collaborating with the strength surrounding the Nordic currency, today’s Manufacturing Output surged to 2.2% during December, leaving behind both previous estimates and November’s print.
EUR/NOK significant levels
As of writing the cross is down 0.64% at 8.5815 with the next support at 8.5520 (high Nov.20) ahead of 8.4425 (200-d MA) and finally 8.4000 (low Nov.21). On the other hand, a break above 8.6841 (high Feb.5) would aim for 8.7161 (10-d MA) and then 8.8760 (high Jan.29).