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FxWirePro: EUR/NOK unexpectedly spikes up to 9.78 mark after Norway’s CPI, GDP data

Friday, February 9, 2018 7:17 AM UTC

EUR/NOK is currently trading at 9.7580 levels.
It made intraday high at 9.7836 and low at 9.6824 levels.
Intraday bias remains bullish till the time pair holds key support at 9.7025 marks.
A sustained break below 9.7025 will test key supports at 9.6647, 9.6447, 9.6395 and 9.6011 levels respectively.
On the other side, reversal from key support will take the parity higher towards key resistance around 9.7867/9.8065/9.8438/9.8855 marks respectively.
Norway Jan consumer price index y/y stays flat at 1.6 % (forecast 1.6 %) vs previous 1.6 %.
Norway Jan core inflation m/m decrease to -0.8 % (forecast -0.2 %) vs previous 0.1 %.
Norway Jan CPI index number decrease to 106 vs previous 106.1.
Norway Jan producer price index y/y increase to 10.3 % vs previous 7.3 %.

We prefer to take long position on EUR/NOK around 9.7290, stop loss at 9.6648 and target of 9.8065.

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FxWirePro: EUR/NOK unexpectedly spikes up to 9.78 mark after Norway’s CPI, GDP data

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