EUR/NOK rebounds to 9.0000, session tops

The Norwegian Krone is now losing ground vs. its European peer, pushing EUR/USD to the 9.0000, or daily peaks.

EUR/NOK eyes on oil, data

NOK met a corrective wave of selling pressure following a steady pace of the barrel of Brent crude so far today, as a profit taking stance seems to be in full swing in light of the recent and strong rally in crude oil prices following the OPEC deal in Vienna.

The barrel of Brent crude is now retreating to the $53.70 area after clinching fresh 2016 tops in the mid-$54.00s following the news from the OPEC meeting on Wednesday, adding to the ongoing NOK weakness.

In the data space, the Unemployment Change in Norway showed there were 102.00K unemployed persons during last month, while the jobless rate stayed put at 2.8%.

EUR/NOK significant levels

As of writing the cross is up 0.11% at 8.9858 and a break above 9.1349 (high Nov.18) would aim for 9.1638 (high Nov.11) and finally 9.1720 (100-day sma). On the other hand, the next support aligns at 8.9414 (low Dec.1) followed by 8.9121 (low Oct.20) and finally 8.8937 (2016 low Oct.4).