FXStreet (Edinburgh) – The Norwegian krone is sharply appreciating vs. the European currency on Tuesday, dragging EUR/NOK to fresh lows near 9.2300 the figure.
EUR/NOK weaker post-GDP
The cross sunk to weekly lows following the better-than-expected GDP figures in Norway, showing the economy has expanded at a seasonally adjusted 1.8% inter-quarter during the third quarter. Further data showed Mainland GDP expanding at 0.2% vs. 0.3% from the previous quarter.
The pair is retreating for the third session in a row, coming down from recent peaks in the 9.40 area posted last week.
EUR/NOK levels to consider
As of writing the cross is down 0.37% at 9.2535 and a drop below 9.2016 (100-day sma) would expose 9.1220 (low Sep.10) and finally 8.8167 (low Jul.16). On the other hand, a surpass of 9.3920 (high Nov.13) would aim for 9.4674 (high Oct.28) and then 9.5165 (76.4% Fibo of 9.6319-9.1429).
(Market News Provided by FXstreet)