EUR/NOK tumbles to lows in the sub-9.5200 area

The Norwegian Krone is trading on a firm note on Thursday, dragging EUR/NOK  to fresh daily troughs in sub-9.5200 levels.

EUR/NOK weaker on Brent gains

NOK met some upside pressure as the barrel of the European reference Brent crude oil is recovering some ground after Wednesday’s sharp retracement to fresh lows near $47.90, currently navigating the $48.30 region.

In addition, positive results in the Norwegian calendar saw manufacturing output expanding at a monthly 1.6% in April and 0.5% in the February-April period, adding extra legs to the Krone.

In the meantime, the cross is so far reverting a 4-session positive streak, including a challenge of 2017 tops above the 9.5800 handle (May 5). The recent rally in the cross has been backed by declining crude oil prices, all following the OPEC fiasco at the meeting in late May.

EUR/NOK significant levels

As of writing the cross is retreating 0.28% at 9.5375 and a breakdown of 9.4867 (low Jun.7) would expose 9.4295 (20-day sma) and finally 9.3229 (low May 5). On the flip side, the next up barrier lines up at 9.5810 (high Jun.7) seconded by 9.5817 (2017 high May 5) and then 9.7511 (2016 high Jan.21).