Norway's core inflation surged to record highs in July, dampening Norges Bank’s rate cut speculation.
The Krone has surged after inflation data release. EUR/NOK hit multi-week lows at 9.2094.
The pair has broken major trendline support at 9.2570 on the daily charts, we see scope for further downside.
50-DMA at 9.3507 is major resistance on the upside, while 9.1970 is next major support on the flipside.
Good to go short on rallies around 9.2500, SL: 9.3510, TP: 9.1970/ 9.1550/ 9.1375
The Krone has surged after inflation data release. EUR/NOK hit multi-week lows at 9.2094.
The pair has broken major trendline support at 9.2570 on the daily charts, we see scope for further downside.
50-DMA at 9.3507 is major resistance on the upside, while 9.1970 is next major support on the flipside.
Good to go short on rallies around 9.2500, SL: 9.3510, TP: 9.1970/ 9.1550/ 9.1375