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Forex: EUR/NOK advancing ahead of Norges Bank

FXstreet.com (Barcelona) - The Norwegian krone is depreciating against the single currency on Tuesday, hovering over 7.6400/50 ahead of the Norges Bank monetary policy meeting due tomorrow.

“We think that risk-reward favours the Norges Bank keeping rates on hold, despite markets pricing in about a 50% chance of a rate cut over the next 6m. The Norges Bank’s tone will remain dovish, keeping the door open for rates cuts and keeping NOK under pressure”, assessed Jacqui Douglas, Strategist at TD Securities.

At the moment, EUR/NOK is up 0.17% at 7.6439 and a break above 7.6506 (high May 6) would then target 7.7025 (high Apr.24) en route to 7.7150 (high Jan.18).
On the downside, support levels align at 7.5575 (low May 2) followed by 7.5390 (61.8% 7.4380-7.7024) and finally 7.4380 (low Apr.8).

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