FxWirePro: USD/NOK rallies following Norway's soft inflation data, jump till 8.9128 likely

• The Norwegian Krone eased, hovering towards a 2-week trough hit in the previous session following downbeat inflation figures. 
   
• Norway's annual inflation rate declined to 1.4 percent in December from 1.6 percent in the previous month, below market expectations of 1.5 percent. 
   
• While on a monthly basis, the consumer price index decreased 0.30 percent in December over the previous month.
   
• USD/NOK trades 0.1 percent higher at 8.8924, having touched a high of 8.9033 on Thursday, its highest since December 26.
   
• Momentum indicators are bullish: RSI point north, MACD supports upside and Stoch are biased higher.
   
• Immediate resistance is located at 8.9128 ((20-EMA), and close above could take it till 8.9289 (21-DMA).
   
• On the downside, support is around 8.8510 (7-EMA), break below could take it till 8.8304.

Recommendation: Good to buy on dips around 8.8833, with stop loss at 8.8701 and target price of 8.9128.