EUR/NOK drops to lows near 9.3100

The Norwegian Krone is appreciating moderately vs. its European peer on Friday, sending EUR/NOK to fresh lows in the 9.3100 area.

EUR/NOK lower on Brent gains, data

The cross is reverting part of Thursday’s gains, coming down from tops in the 9.3500 neighbourhood to current lows near 9.3100 following data in the Nordic economy and the recovery in crude oil prices.

In fact, the barrel of Brent crude is up nearly 1% and approaching the $46.00 mark, while on the data front, Norwegian unemployment rate has dropped to a non-seasonally adjusted 3.1% in August and the Unemployment Change has come in at 100.85K from 101.17K.

EUR/NOK significant levels

As of writing the cross is retreating 0.12% at 9.3215 facing the next support at 9.2728 (20-day sma) followed by 9.2195 (low Aug.26) and finally 9.1361 (2016 low Aug.12). On the other hand, a break above 9.3546 (high Sep.1) would open the door to 9.4066 (200-day sma) and then 9.5193 (high Jul.29).