EUR/NOK finds support in sub-9.2700 levels

The Norwegian Krone is strongly appreciating vs. its European peer on Wednesday, with EUR/NOK dipping to lows in the 9.2700 neighbourhood.

EUR/NOK lower on EUR-selling, data

The prevailing selling pressure around the shared currency plus data from the Nordic economy has been weighing on the cross today.

In fact, Norwegian GDP has come in flat inter-quarter during Q2, vs. expectations for a 0.1% expansion. Furthermore, GDP Mainland has surprised to the upside instead, expanding 0.4% during the April-June period, up from the previous 0.1% gain.

In the meantime, the cross keeps the choppy trade so far this week, currently coming down from yesterday’s top in the mid-9.3300s, coincident with the 100-day sma and looking to consolidate the rebound from recent fresh 2016 lows near 9.1340.

EUR/NOK significant levels

As of writing the cross is retreating 0.18% at 9.2806 facing the next support at 9.1361 (2016 low Aug.12) followed by 9.0832 (low Dec.2 2015). On the other hand, a break above 9.3185 (100-day sma) would open the door to 9.3353 (high Aug.22) and finally 9.4054 (200-day sma).