Forex Market: EUR/NOK daily forecast

During yesterday’s trading session EUR/NOK traded within the range of 8.1136-8.1378 and closed at 8.1189.

At 6:23 GMT today EUR/NOK was losing 0.01% for the day to trade at 8.1165. The pair touched a daily low at 8.1102 at 6:05 GMT, the weakest since May 15.

Fundamental view

Retail Sales in Norway probably inched up 0.5% in April, following a 1% gain in the previous month.

Retail trade is defined as trade of goods, which are intended for use by private households or individual users. This category includes sales of motor vehicles, along with motorcycles for personal use, as well as their fuel supply through intermediaries to end users. Retail sales also include office equipment and technology, paint, wood , etc., if they are sold directly to end users. The index is based on a sample of over 13 200 units of the VAT register of the country, covering one quarter of all companies in the sector. This is the percentage change compared to the previous month.

Statistics Norway is scheduled to release an official report at 8:00 GMT. A larger-than-expected jump in retail sales, would certainly provide support to the Norwegian krona.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/NOK manages to breach the first resistance level at 8.1332, it will probably continue up to test 8.1476. In case the second key resistance is broken, the pair will probably attempt to advance to 8.1575.

If EUR/NOK manages to breach the first key support at 8.1069, it will probably continue to slide and test 8.0982. With this second key support broken, the movement to the downside will probably continue to 8.0839.