FxWirePro: Norwegian krone remains highly volatile against major peers after CPI, core CPI data
EUR/NOK is currently trading at 9.4016 levels. It made intraday high at 9.4312 and low at 9.3864 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 9.4493 mark. A sustained close be…
It made intraday high at 9.4312 and low at 9.3864 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 9.4493 mark.
A sustained close below 9.4280 will test key supports at 9.3864, 9.3556, 9.3324, 9.3250 and 9.2880 levels respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 9.4493/9.4571/9.4682/9.4890/9.5015 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Norway June producer price index yy increase to 20 % vs previous 14.5 %.
Norway June consumer price index mm increase to 0.6 % (forecast 0.5 %) vs previous 0.1 %.
Norway June core inflation mm increase to 0.4 % (forecast 0.4 %) vs previous 0.2 %.
Norway June cpi index number increase to 108.5 vs previous 107.8.
We prefer to take short position on EUR/NOK around 9.4150, stop loss at 9.4315 and target of 9.3556/9.3324.
