EUR/NOK finds support at 9.00, fresh 2016 low

The Norwegian Krone is now giving away initial gains vs. its European peer, sending EUR/NOK back to test the 9.01/02 region after dropping as low as the 9.00 area.

EUR/NOK attention to oil

The recent rally in crude oil prices has given extra wings to the already strong NOK, helping the cross to drop to the 9.00 area yesterday and early today, levels last seen in early August 2015.

In fact, NOK met further demand after the barrel of Brent crude climbed to fresh 3-week tops around $49.60/65 after the recent deal between OPEC and non-OPEC countries to freeze oil production.

In the meantime, the cross seems to have found some decent support in the 9.00 neighbourhood for the time being, although a continuation of the upbeat tone around crude oil could well see that psychological level breached.

EUR/NOK significant levels

As of writing the cross is up 0.01% at 9.0115 facing the next support at 9.008 (2016 low Sep.28/29) followed by 8.8167 (low Jul.16 2015) and then 8.6021 (low Jun.29 2015). On the other hand, a break above 9.1501 (high Sep.26) would open the door to 9.2008 (20-day sma) and then 9.3044 (high Sep.14).