EUR NOK

EURNOK Currency pair flag

Latest EUR NOK Analysis

USDNOK and EURNOK mixed short-term outlooks

USDNOK upside threat

A resilient consolidation for much of May, digesting the later April-early May sprint higher to the topend of the 2019 range, rebounding Wednesday from 8.7304 new support, above the May up trend line, setting risks to the upside for Thursday.

We see an intermediate-term range defined by 8.8245 and 8.6081.

For Today:    

  • We see an upside bias for 8.7756; break here aims for 8.7875, maybe 8.8047.
  • But below 8.7500 opens risk down to 8.7304.

Intermediate-term Range Breakout Parameters: Range seen as 8.8245 to 8.6081.

  • Upside Risks: Above 8.8245 sets a bull trend to aim for 9.9375, 9.0000 and 9.2550.
  • Downside Risks: Below 8.6081 sees a bear trend to target 8,4596 and the 8.41/40 area.

Daily USDNOK Chart

usdnok

EURNOK negative tone

A Tuesday-Wednesday selloff has rejected much of the positive tone from last week’s rebound activity, which has reinforced the May consolidation and the broader 2019 range theme, but the setback through support at 9.7756 sets risks lower for Thursday.

We see an intermediate-term range defined by 9.8803 and 9.5553.

For Today:    

  • We see a downside bias for 9.7514; break here aims for 9.7347.
  • But above 9.7857 opens risk up to 9.8000.

Intermediate-term Range Breakout Parameters: Range seen as 9.8803 to 9.5553.

  • Upside Risks: Above 9.8803 sets a bull trend to aim for 9.9605, 10.0000 and 10.0574.
  • Downside Risks: Below 9.5553 sees a bear trend to target 9.4166 and 9.0000.

Daily EURNOK Chart

eurnok

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Other major currency pairs


BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.


EUR/NOK – Live and Historical Rates

The Euro – used by the 21 countries of the Eurozone – is a major currency. The Norwegian krone on the other hand is not. The pair that these two currencies form is not a major, nor is it a commodity currency, despite the fact that the Norwegian economy is indeed heavily reliant on the sale of commodities.

The EUR

The Euro represents quite probably the most ambitious attempt at a monetary union in the history of mankind. Introduced in 1999, the story of the EUR has mostly been one of success thus far, despite a few hiccups. Currently used by 21 nations, the EUR is supposed to be adopted by a number of other EU members like Hungary and Poland, who are currently dragging their feet in this regard. Indeed, following the 2008 financial crisis, which exposed the vulnerabilities and structural shortcomings of the common currency, the EUR has suddenly become a much less attractive option

The NOK

The Norwegian Krone was introduced way back in 1875, when Norway became a member of the Scandinavian Monetary Union. While the Union fell apart in 1914, Norway has kept the krone. A said above, the krone is indeed a commodity currency. The economy of the country relies heavily on exports of petroleum products, natural gas and it makes great use of hydroelectric power. Fisheries have to be added to the list as well. Though it enjoys close ties with the EU, Norway is one of only two Nordic countries which have thus far refused to join the Union.

EURNOK Analysis

Because of extensive trade and geographical proximity, the correlation between these two currencies is indeed strong. The Eurozone isn’t the only major trade partner of Norway though, as the country exports energy elsewhere too. What this means in practical terms is that the evolution of the USD has a sizeable impact on the NOK too.

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