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 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.