FxWirePro: Norwegian krone falls sharply against major peers after various economic data

• EUR/NOK is currently trading at 9.6154 levels.
   
• It made intraday high at 9.6228 and low at 9.5609 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 9.5580 mark
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• A sustained close below 9.5861 will test key supports at 9.5580, 9.5428, 9.5240 and 9.4701 levels respectively.
   
• On the other side, reversal from key support will take the parity higher towards key resistance around 9.6280/9.6522/9.6633/9.6880/9.7025/9.7228/9.7466/9.7867/9.8065/9.8438/9.8855 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Norway March consumer price index m/m decrease to 0.3 % (forecast 0.5 %) vs previous 0.9 %.
   
• Norway March core inflation m/m decrease to 0.2 % (forecast 0.6 %) vs previous 0.8 %.
   
• Norway March core inflation decrease to 1.2 % (forecast 1.5 %) vs previous 1.4 %.
   
• Norway March consumer price index y/y stays flat at 2.2 % (forecast 2.4 %) vs previous 2.2 %.
   
• Norway March producer price index y/y increase to 6.4 % vs previous 4.7 %.
   
• Norway March CPI index number increase to 107.3 vs previous 107.

We prefer to take long position on EUR/NOK around 9.6050, stop loss at 9.5600 and target of 9.6522.

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