FxWirePro: EUR/NOK unexpectedly spikes up to 9.78 mark after Norway’s CPI, GDP data

• EUR/NOK is currently trading at 9.7580 levels.
   
• It made intraday high at 9.7836 and low at 9.6824 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 9.7025 marks.
   
• A sustained break below 9.7025 will test key supports at 9.6647, 9.6447, 9.6395 and 9.6011 levels respectively.
   
• On the other side, reversal from key support will take the parity higher towards key resistance around 9.7867/9.8065/9.8438/9.8855 marks respectively.
   
• Norway Jan consumer price index y/y stays flat at 1.6 % (forecast 1.6 %) vs previous 1.6 %.
   
• Norway Jan core inflation m/m decrease to -0.8 % (forecast -0.2 %) vs previous 0.1 %.
   
• Norway Jan CPI index number decrease to 106 vs previous 106.1.
   
• Norway Jan producer price index y/y increase to 10.3 % vs previous 7.3 %.

                                                                        We prefer to take long position on EUR/NOK around 9.7290, stop loss at 9.6648 and target of 9.8065.

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