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Home » Forex and Currency News » Forex Market: EUR/NOK daily forecast

Forex Market: EUR/NOK daily forecast

Written by Vladimir Manev
Vladimir Manev
Vladimir is a financial news writer and editor at TradingPedia, monitoring and reporting on the tendencies in the Foreign Exchange Market, as well as the commodities spot and futures markets and the factors linked to their pricing.
, | Updated:

During yesterday’s trading session EUR/NOK traded within the range of 8.1274-8.1911 and closed at 8.1658.

At 6:51 GMT today EUR/NOK was gaining 0.01% for the day to trade at 8.1704. The pair touched a daily high at 8.1762 at 6:15 GMT.

Fundamental view

At 8:00 GMT the Norges Bank will announce its decision on interest rates. Analysts expect that the central bank will keep the benchmark rate unchanged at 1.50% at its policy meeting. The key policy rate has been maintained at this level since central bank’s meeting on March 14th 2012, when a 0.25% cut was introduced.

Technical view

Screenshot from 2014-06-19 09:54:31

According to Binary Tribune’s daily analysis, in case EUR/NOK manages to breach the first resistance level at 8.1952, it will probably continue up to test 8.2251. In case the second key resistance is broken, the pair will probably attempt to advance to 8.2592.

If EUR/NOK manages to breach the first key support at 8.1318, it will probably continue to slide and test 8.0977. With this second key support broken, the movement to the downside will probably continue to 8.0681.

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