FxWirePro: Norwegian Crown Rises to Nine-Day High vs Euro After Norges Bank Decision, GDP Numbers

FxWirePro: Norwegian Crown Rises to Nine-Day High vs Euro After Norges Bank Decision, GDP Numbers

12 May 2016, 11:26
Roberto Jacobs
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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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