EUR/NOK retreats from highs as Brent recovers

The Norwegian Krone is trimming some of its earlier losses vs. the single currency, sending EUR/NOK back to sub-9.5000 levels.

EUR/NOK gains capped above 9.5100

After climbing to fresh 4-week tops beyond 9.5100 the figure, the cross is now giving away part of that advance and has returned to levels below the key 9.5000 support amidst some recovery in crude oil prices.

The barrel of the European reference Brent crude seems to have found dip-buyers in the $49.00 neighbourhood, currently regaining the $49.60 area although still navigating well into the negative territory for the second week in a row.

In the data space, Norwegian unemployment rate tracked by the NAV (Norwegian Labour and Welfare Administration) dropped to a non-seasonally adjusted 2.6% in May, with unemployed persons declining to 95.66K from 97.16K.

EUR/NOK significant levels

As of writing the cross is advancing 0.15% at 9.4924 and a breakout of 9.5129 (high Jun.2) would aim for 9.5817 (2017 high May 5) and then 9.7511 (2016 high Jan.21). On the other hand, the next down barrier is located at 9.4591 (23.6% Fibo of the April-May rally) followed by 9.4023 (20-day sma) and finally 9.3229 (low May 5).