EUR/NOK hits fresh 14- days high as well as low in a single day on the back economic data

EUR/NOK is currently trading around 9.4808 levels.

• It made intraday high at 9.5343 and low at 9.4529 levels.
   
• Intraday bias remains neutral for the moment.
   
• Yesterday both the countries released key economic data and pair was highly volatile by the news.
   
• Norway's core inflation accelerated to 3.4% in February, as compared with 3% in January and consensus expectation of 3.1%.
   
• In addition, ECB cut deposit rate to -0.40 % (forecast -0.40 %) vs previous -0.30 %.
   
• ECB refinancing rate decreased to 0.00 % (forecast 0.05 %) vs previous 0.05 %.
   
• Pair hit fresh 14- day high at 9.5679 and low at 9.2741 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close below 9.4529 will turn bias bearish and drag the parity towards key support at 9.4173.
   
• On the other side, reversal from 9.4529 will turn the bias bullish and likely to hit new high above 9.52 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.