FxWirePro: Norwegian Krone retreats from near 4-week peak on weaker-than-expected CPI

• The Norwegian Krone eased, halting a 4-day rally as Norway's inflation data came in weaker-than-expected.
  
• Norway's annual inflation rate declined to 1.6 percent in August from 1.8 percent in the previous month and below consensus of 1.8 percent gain.
  
• On a monthly basis, the consumer price index fell 0.7 prices and the core index declined 1.2 percent.
  
• USD/NOK trades 0.6 percent up at 8.9788, having touched a low of 8.9122 on Monday, its lowest since Aug. 14.
  
• Momentum indicator are turning bullish - RSI support upside and Stochs have rolled over from oversold levels
  
• Immediate resistance is around 9.0044 (5-DMA) and any violation above could take it till 9.0485 (August 28 High).
  
• On the downside, support is located at 8.8878 (August 7 Low) and any break below could take it till 8.8490 (August 9 Low).

Recommendation: Good to buy on dips around 8.9314, with stop loss at 8.9122 and target price of 9.0044