EUR/NOK advances to fresh highs near 10.3000
- EUR/NOK extends the upside to the 10.30 region.
- The barrel of Brent crude approaches $60.00.
- Norway’s Mainland GDP expanded 1.9% QoQ in Q4.
The Norwegian krone adds to the recent weakness and pushes EUR/NOK to new multi-day highs near 10.3000 on Friday.
EUR/NOK stronger on Brent decline
EUR/USD advances for the third consecutive day at the end of the week and reclaims the 10.30 region ahead of the 21-day SMA in the 10.3270 area.
Further weakness in crude oil prices now sees the European reference Brent shedding extra ground and trading at shouting distance from the key $60.00. mark per barrel, all favouring the offered bias in NOK.
Data wise in Norway, flash Mainland GDP figures showed the Scandinavian economy expanded 1.9% during the October-December period and contracted 2.5% during 2020, the largest drop since the series began in 1970.
EUR/NOK significant levels
As of writing the cross is gaining 0.29% at 10.3026 and faces the next up barrier at 10.3272 (21-day SMA) followed by 10.4445 (55-day SMA) and then 10.5543 (2021 high Jan.28). On the downside, a breach of 10.2070 (2021 low Feb.10) would expose 10.0042 (monthly low Feb.17 2020) and finally 9.8163 (2020 low Jan.2).