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  • NOK picks up pace following the rally in crude oil.
  • The cross drops and test new multi-day lows around 9.6800.
  • Norway’s manufacturing PMI came in a tad above estimates.

The Norwegian Krone is picking up further pace today and keeps EUR/NOK under downside pressure in sub-9.7000 levels, or multi-day lows.

EUR/NOK weaker on oil gains

The cross came under renewed and strong selling pressure at the beginning of the week, following the rest of the risk-associated assets as well as the oil-related currencies.

In fact, NOK appreciates to fresh tops vs. the single currency following a sharp raise in prices of the European reference Brent crude, which managed to retake the $61.00 mark and above per barrel in response to alleviated US-China trade concerns.

In addition, although on a lesser degree, NOK is deriving some extra support from November’s manufacturing PMI, which surpassed estimates at 56.1.

All the attention now should be on the upcoming OPEC+ meeting on December 6-7 in Vienna, where the cartel could announce fresh oil output cuts.

EUR/NOK significant levels

As of writing the cross is down 0.29% at 9.7017 facing the next support at 9.6743 (low Dec.3) seconded by 9.6537 (21-day SMA) and then 9.5006 (low Nov.8). On the upside, a break above 9.7713 (high Nov.21) would aim for 9.7806 (high Aug.28) and finally 9.8079 (high Sep.7).