FxWirePro: Norwegian Crown Rises to Nine-Day High vs Euro After Norges Bank Decision, GDP Numbers
12 May 2016, 11:26
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FxWirePro: Norwegian Crown Rises to Nine-Day High vs Euro After Norges Bank Decision, GDP Numbers
- EUR/NOK is currently trading at 9.2593 levels.
- It made intraday high at 9.3323 and low at 9.2530 levels.
- Today Norway Central bank kept policy rate unchanged at 0.50 percent.
- In addition, Norway's Q1 GDP +1.0 pct q/q (consensus forecast +0.1 pct).
- Intraday bias remains bearish till the time pair holds key resistance level at 9.3715 marks.
- A daily close below key support 9.2353 level will drag the parity towards 9.16 marks.
- Initial resistance levels are seen at 9.3759, 9.3862 and 9.3896 levels.
- On the other side, key support levels are seen at 9.2353, 9.1686 and 9.1615 marks.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
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