EUR/NOK Forecast and Live Chart

The Euro/Norwegian Krone currency pair (also referred to as EURNOK and EUR/NOK) is an exotic currency pair. In this article, we will examine how EURNOK is performing. 

EURNOK Key Stats

  • 2021 high: 10.7043
  • 2021 low: 9.8996
  • YTD high: 10.6816
  • YTD low: 9.4334
  • YTD % change: +2.56%

EURNOK Forecast

In recent weeks, the EURNOK has pulled back from its highs after climbing to a level last seen around July 2021. The macroeconomic conditions in Europe for the Eurozone and Norway are challenging at the moment. Still, given the recent inflation data for the EA, we see a further pullback on the horizon for the pair, towards the 10.0663 level. In order for our directional bias to change, we need to see an easing of current macroeconomic headwinds in Europe and for oil prices to ease further.

EURNOK

  FXTM mobile banner  

EURNOK Fundamental Analysis

Developing a bias in the currency market is integral to a trader’s overall strategy. Investors are constantly entering and exiting the market; therefore, fundamental analysis using macroeconomic-related news such as unemployment, government spending, GDP, and inflation is essential.

Over recent months, the euro has been impacted by recent ECB decisions and has faced significant issues from the macroeconomy. Since the beginning of the year, the euro has been negatively affected after Russia’s halt to gas supplies heightened fears about a deepening energy crisis. As a result, the euro has had a significant inverse correlation with natural gas prices in recent months, and with energy prices rising, inflation has soared, sending the euro lower. Europe has attempted to break away from Russian supplies; however, it has been challenging for the economy. As a result, the ECB has begun raising rates and has continued to do so to combat inflation, which continues to rise.

Meanwhile, the Norwegian Krone is mainly affected by oil prices and interest rates in the global market. Norway funds a significant portion of its budget from oil revenues because it is the leading oil exporter in Western Europe. Therefore, the surge in oil prices will benefit Norway’s economy. Furthermore, the krone has remained highly correlated to the Danish krone and Swedish krona. As for its interest rates, to combat inflation, Norges Bank has raised its rates considerably and is expected to raise rates further.


Related Articles


EURNOK Technical Analysis

The EURNOK has been somewhat ranging over the last couple of years, and no clear direction, on a long-term basis has yet to be established. The currency pair is up so far this year after a recent bullish run. As a result, the price recently crossed above its 100-day moving average. A pullback may be on the horizon, and its 100-day MA would be a significant level to trade into.

Meanwhile, the pair has been trading between a few key support and resistance levels. A key resistance level at the top of the range includes 10.6812, its previous high and highest level for the EURNOK since 2020. On the other hand, at the bottom of the range is level 9.4461, which acts as a key support level. This level was reached early in the year and has been the lowest level since 2018.

Trade EURNOK with our top brokers

Broker Features Regulator Platforms Next Step
Number One Broker BlackBull Markets LogoYour capital is at risk Founded: 2014
  • Leverage Up To 500:1
  • $200 Min Deposit
  • 60+ Tradeable Instruments
FSPR MT4
tickmill_logo-175 % of retail CFD accounts lose money Founded: 2014
75 % of retail ...
  • Ultra-fast execution from 0.1s
  • Low spreads from 0.0 pips
  • All trading strategies allowed
FSA SC MetaTrader 4, Web Trader
Your capital is at risk Founded: 2006
Europe* CFDs ar...
  • 40% New Member Bonus
  • Regulatory licenses across 5 continents
  • 24/7 trading
ASIC, FSA, FSB, MiFID MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader
72 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008
72 % of retail ...
  • Multi Asset Trading Platform
  • Zero Commissions
  • Amazing Trading Apps
ASIC, CySEC, FCA Plus500
Your capital is at risk Founded: 2020
  • Impressive range of trading platforms
  • Tight spreads and low commissions
  • Excellent customer services
  • STP and ECN trade execution
- Pro Trader, MT4, MT5
vantage logoYour capital is at risk Founded: 2009
  • Leverage up to 500:1
  • $200 Min Deposit
  • Spreads from 0.0
CIMA MetaTrader 4, MetaTrader 5, WebTrader
LegacyFX LogoYour capital is at risk Founded: 2012
  • Meta Trader 5 Trading platform
  • Exclusive professional trading tools
  • Dedicated support staff during all trading hours
BaFin, CySEC, FCA, NBRB, VFSC MetaTrader 5
Between 74-89% of CFD traders lose Founded: 2010
Between 74-89 % of retail investor accounts lose money when trading CFDs
  • Four user-friendly trading platforms
  • Consistently rater No1 for Trader Support
  • Set up by traders, for traders
ASIC, FCA MetaTrader 4, MetaTrader 5, cTrader
AdroFX LogoYour capital is at risk Founded:
  • Crypto deposits possible
  • Bonus offers
  • Leverage up to 1:500
  • MT4 and Allpips platforms
FSA, VFSC MetaTrader 4, Web Trader, Social Trading Allpips, Web Platform Allpips
Your capital is at risk Founded: 2000
  • Good range of assets, such as CFDs
  • Fully regulated brokerage
  • Multi-lingual reporting
DFSA, FCA, FINMA, MFSA, only EU traders), SFC FCA (Swissquote LTD MT4, MT5, AdvancedTrader
Trade360 LogoYour capital is at risk Founded: 2013
  • Over 200 Tradeable Accounts
  • $50 no deposit bonus
  • Trading Central Insight Portal
CySEC CrowdTrading
Oanda Logo77% of retail CFD accounts lose money Founded: 1996
  • No Minimum Deposit
  • Over 100 instruments
  • Web, desktop, mobile platform and MT4

ASIC, FCA, IIROC, MAS fxTrade, MT4
vt markets logoYour capital is at risk Founded: 2016
ASIC, CIMA MT4
Your capital is at risk Founded: 2015
  • $50 Min Deposit
  • Flexible Leverage
  • Low Min Order Values
FCA, SCB MT4
Your capital is at risk Founded: 1991
73.05% of investors lose money when trading CFDs with FXCM
  • Enhanced Execution and pricing.
  • Award-winning trading platform
  • Free Access to Exclusive Trading Tools
- FXCM Trading Station (Web, Desktop, Mobile), FXCM MetaTrader 4, NinjaTrader
city index new75% of clients lose money. Capital at risk. Founded: 1983
  • Exceptional customer service
  • Beginner-friendly
  • Free Webinars
ASIC, FCA, MAS Advantage Web, AT Pro, MT4, WebTrader
Exness LogoYour capital is at risk Founded: 2008
  • Instant automated withdrawals 24/7
  • Commission-free Standard accounts
  • Some of the lowest spreads on the markets and stable execution
  • Unlimited leverage
  • Free VPS Hosting
CySEC, FCA, FSA, FSCA MT4, MT5, WebTerminal
Your capital is at risk Founded: 2017
FSC XOH, MT5,
SquaredFinance LogoYour capital is at risk Founded: 2016
CySEC
fusion markets logoYour capital is at risk Founded: 2017

Lowest Commissions in Australia

$4.50 per lot RT

ASIC, VFSC MT4
      FXTM desktop banner