EUR/NOK jumps to highs through 8.9300

The Norwegian Krone is shaprly lower vs. its European peer at the end of the week, lifting EUR/NOK to fresh daily tops above the 8.9300 handle.

EUR/NOK up on EUR-buying

The cross is extending the recent upside following a better tone in the single currency today, after agency Odoxa polls showed French presidential candidate E.Macron leading with 27% of vote intention vs. M.Le Pen’s 25.5%.

NOK is trading lower in spite of positive results from the domestic labour market, where the unemployment rate ticked lower to a non-seasonally adjusted 3.1% during February, while the Unemployment Change increased less than expected by 98.94K during the same period.

NOK is also ignoring the better tone in the Brent crude, posting moderate gains around the $55.30 region.

The cross is navigating 5-week tops so far today, managing to sharply rebound from the 8.78 area seen in late February (last traded in July 2015).

EUR/NOK significant levels

As of writing the cross is up 0.20% at 8.9315 and a break above 8.9585 (55-day sma) would aim for 8.9943 (100-day sma) and then 9.1017 (high Jan.10). On the other hand, the immediate support aligns at 8.8685 (20-day sma) followed by 8.8436 (low Mar.1) and finally 8.7807 (2017 low Feb.22).