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EUR/NOK Through Key Support

NOK
  • EUR's gas inspired downtick has now put EURNOK through the 10.00 level for the first time since early May, with resilient oil prices also adding a headwind for the cross.
  • Latest leg lower puts EUR/NOK through both 200- and 100-dma support (10.0099 and 10.0132 respectively) and opens 9.987 - the 50% retracement for the April - Jun upleg.
  • The RSI is beginning to show signs of an oversold condition in the cross, dropping to touch 30 for the first time since late March (which was followed by a bottoming out in EUR/NOK and a subsequent rally).

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