EUR/NOK clinches highs above 9.4200

The Norwegian krone is rapidly depreciating vs. its European peer today, lifting EUR/NOK to fresh highs above the 9.4200 handle.

EUR/NOK higher on oil slump

The softer tone in crude oil prices is weighing on NOK today, prompting the cross to advance to fresh 2-week tops as the barrel of Brent crude is losing nearly 1% around $47.30.

In addition, the demand for the single currency remains firm in response to a selling bias surrounding the dollar and positive results from July’s IFO indicator in the German economy.

EUR/NOK significant levels

As of writing the cross is advancing 0.33% at 9.4192 facing the next hurdle at 9.4554 (high Jul.8) followed by 9.5794 (high Jun.24) and finally 9.7595 (2016 high Feb.11). On the flip side, a breach of 9.3538 (20-day sma) would aim for 9.3306 (55-day sma) and then 9.2778 (low Jul.14).