EUR/NOK fades the earlier spike, back near 9.1700

After climbing as high as the mid-9.1800s, EUR/NOK has now deflated to the 9.1700 neighbourhood.

EUR/NOK erases gains after CPI

The pair has given away its initial gains after Norwegian inflation figures showed the CPI rose less than expected during March. In fact, the CPI rose at an annualized 2.4% and 0.3% on a monthly basis.

Further data saw Core Inflation up 0.4% MoM while Core CPI YTD rose 1.7%, matching consensus.

After two consecutive daily drops, the cross is struggling for direction at the beginning of the wee after the CPI figures, while the recent solid performance of the Brent crude keeps lending support to NOK.

EUR/NOK significant levels

As of writing the cross is losing 0.03% at 9.1660 facing the next support at 9.1577 (20-day sma) followed by 9.1457 (low Apr.7) and finally 9.1081 (200-day sma). On the other hand, a surpass of 9.1855 (high Apr.10) would aim for 9.1962 (high Apr.6) and then 9.2515 (2017 high Mar.27).