Extreme volatility in Oil prices drives EUR/NOK down

Markets have experienced extreme volatility in Oil prices since January 4, 2016. Same way markets expect the trend reversal during the 1st quarter of 2016. This also means that EUR/NOK topping out around the same time frame. 

Trend reversal will be crucial and according to the historical movement, around a 50 big figure move will come and lowers EUR/NOK parity. After such free fall, traders probably need to see the end of downward revisions to Norges Bank's forecasts before market starts to see the next trend toward more normal levels in EUR/NOK.