During Friday's trading session EUR/NOK traded within the range of 8.3461 - 8.3841 and closed at 8.3750, gaining 0.33% on a daily basis, but losing 0.49% for the week.
At 6:22 GMT today EUR/NOK was down 0.19% for the day to trade at 8.3593. The pair touched a daily high at 8.3480 at 00:15 GMT, breaching the first key daily support level.
Fundamental View
Norway's annualized index of consumer prices (CPI) probably rose 1.5% in July, following a 1.9% gain in the previous month. It reflects the change in the general level of prices of over 650 goods and services, which the population acquires, uses or pays for consumption. In case the CPI accelerated more than expected, this would bolster demand for the krone.
Technical View
The central pivot point for the pair is at 8.3684. In case EUR/NOK manages to breach the first resistance level at 8.3461, it will probably continue up to test 8.3841. In case the second key is broker, the pair will probably attempt to advance to 8.3750.
If EUR/NOK manages to breach the first key support at 8.3577, it will probably continue to slide and tests 8.3304, With this second key support broken, the movement to the downside will probably continue to 8:3117.
Source: binarytribune.com
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