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EUR/NOK looks overbought – Danske Bank

The up move in the cross appears overdone for the time being, suggested Jens Sorensen, Chief Analyst at Danske Bank.

Key Quotes

“NOK was also hit hard yesterday, breaking above the 9.63 resistance level”.

“Indeed, Norwegian Q3 GDP growth came out slightly weaker than expected and while weak risk appetite and a lower oil price can justify some NOK weakness, the bounce in EUR/NOK seems overdone and probably driven by negative spill over from the sell-off in the SEK”.

“In our view, EUR/NOK price action underlines the risk scenarios we have outlined for the NOK going into year-end”.

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