EUR/NOK currently trades around 10.10, having come down last week from 10.50. Given the current oil price around $70/bbl, analysts at Nordea see room for further downside in EUR/NOK, brief periods where the pair jumps higher cannot be excluded though. Key quotes “The key event for NOK last week was the OPEC+ meeting, at which the cartel member decided to keep production broadly unchanged. This was a better-than-expected outcome for oil prices, as it means that global oil inventories can continue to fall, thereby increasing the scope for higher prices both now and down the road. So NOK should continue to gain support from oil prices, both in the short-term and longer out.” “We do see room for higher USD rates, and that makes us a bit hesitant to become super bullish on NOK in the short-term, as higher rates could have an adverse impact on the stock market and thereby also NOK. Hence, we cannot exclude brief periods where EURNOK jumps higher. A solid resistance level to watch is the 10.50/10.60 area.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: XAU/USD clings to strong recovery gains above $1700 mark FX Street 1 year EUR/NOK currently trades around 10.10, having come down last week from 10.50. Given the current oil price around $70/bbl, analysts at Nordea see room for further downside in EUR/NOK, brief periods where the pair jumps higher cannot be excluded though. Key quotes "The key event for NOK last week was the OPEC+ meeting, at which the cartel member decided to keep production broadly unchanged. This was a better-than-expected outcome for oil prices, as it means that global oil inventories can continue to fall, thereby increasing the scope for higher prices both now and down the road. So NOK should continue… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.