EUR/NOK Trading forecasts and signals

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The euro against the Norwegian krone is a cross-pair belonging to the category of exotic in the foreign exchange market, popular, for the most part, among local traders in Scandinavia, which is why its liquidity is quite low and brokers are forced to set a high spread (40-60 points).EUR/NOK forecast (online) for todayDue to the high volatility, forecasts on timeframes less than H1-H4 are very difficult, nevertheless, the pair lends itself well to technical and fundamental analysis on H1 and higher. Important news related to oil prices and indicators of the Norwegian and European economies also significantly affect the EUR/NOK exchange rate and can move it by hundreds of points within a few minutes.Analysts for this pair are significantly less than for other, more popular crosses with the participation of the euro, however, as always, trading forums with author's analytics, which are definitely available, can become a salvation, but you should not count on regular reviews of this pair from brokers, and it is best to conduct it yourself.EUR/NOK Trading forecasts and signalsEUR/NOK exchange rate chart (online) with indicatorsAnalysis of the volatility calculator readings for 20 weeks shows that the most stormy trading for this currency pair takes place on Wednesday, but Thursday is also not much behind; Tuesday is the quietest day of the week. As for the activity within the day, 90% of it falls on the European session in the period from 09:00 to 12:00 GMT and at the intersection with the American from 14:00 to 18:00 GMT. Some surge is observed at 00:00 GMT at the opening of Singapore and Hong Kong in the Asian session, but it does not reach the level of volatility of European trading.The volatility of the pair is very high, and this is noticeable even on long-term charts with a candle of 1 month. Strong, sharply alternating ups and downs, huge candlesticks with long shadows in both directions – all these phenomena are familiar to this instrument, the dynamics of which is constantly changing.General characteristicsEuro/The Norwegian Krone is an exotic European currency pair with very high volatility (on average 500-700 pips).EUR/NOK is a cross-rate, since the US dollar is absent in it, however, this does not exclude its indirect influence at all, since transactions on purchases and sales are not carried out directly from one currency to another, but only through USD.The location of the euro ticker on the left side says that this is the base currency, the Norwegian krone is the quoted one, and the exchange rate shows how much NOK you have to pay for 1 EUR. On the charts, the price is displayed with an accuracy of up to 4 characters after the separator (9,1665), which is the standard for most Forex terminals, but there is also a more accurate five-digit rate output that takes into account even tick fluctuations (9,16560).The huge volatility, despite the large commissions, makes the pair very attractive for desperate scalpers. But for lovers of medium and long-term trading, it greatly harms, constantly knocking out stops and forcing them to put them much further than necessary.Read more: EUR/AUD: exchange rate, online quotes, signals, forecasts & analyticsFactors influencing EURNOK and what the exchange rate depends onThe EU is an association of 28 individual states that have sacrificed part of their economic and political sovereignty in favor of the confederation. In general, the economy of the European Union and the standard of living in it are considered quite high, but the consideration of its member countries separately shows a significant heterogeneity and difference in the internal development of each of them. Since ancient times, Europe has had a significant political and cultural impact on other regions. Now , when looking at the average EU economy by sector , the following picture is revealed:About 70.5% of income comes from the service sector;The extractive and manufacturing industries account for 27.3% of GDP;Only 2.1% of GDP comes from agriculture (however, in some agro-industrial countries like Romania, this figure can reach 7.5%).Norway is a cold and mountainous country in the northwest of Scandinavia. Due to the cold climate and infertile soils, agriculture in the country is quite difficult (except for fishing, perhaps), which is why the country has remained one of the poorest and underdeveloped for many centuries. However, progress and a change of priorities in the world radically changed the situation in the second half of the 20th century, when it turned out that the offshore shelf is rich in oil.Norway today is a European country with one of the highest living standards in the world, and a sector-by-sector study of its economy shows the following:up to 78% of GDP comes from services and trade;22% still remains for industry and energy;About 2% of GDP is accounted for by agriculture (meat, cereals, potatoes, fish).Read more: EUR/CAD: signals, forecasts, exchange rate chart (online) and quotesAccording to the analysis, the pair is most correlated with: EUR/NZD- 88.7%, EUR/GBP- 83.6%, IT40 index - 81.7%, EUR/CAD- 80.6%, EUR/CHF- 80.4%, USD/NOK - 79.4%, SPA35 - 67.9%, USD/CAD - 65.4%, FRA40 - 62.5%, AUD/NZD - 53.4%.As well as positive, there is always a negative correlation, today the greatest correspondence is present with: NOK/SEK – -92.3%, XTI/USD – -86.7%, XBR/USD - -85.4%, XPT/USD - -84%, NZD/CHF – -82.1%, NOK/JPY – -72.9%, as well as GBP/CHF – -71.7%, NZD/USD – -71.2%, GBP/SEK – -71%, CAD/CHF – -67.9%.Do not forget that the correlation data are unstable and, due to serious changes in the global economy, change from time to time, and this must be taken into account in your forecasts.Read more: EUR/CHF: exchange rate, online quotes, signals and forecast for todayThe most important factors affecting the course, first of all, should include:Oil prices, on which Norway depends very much;Central Bank rates, monetary policy, reports and speeches of the heads of financial and economic departments (EU and Norway);The situation on the labor market (in both countries);Trade balances (Norway and EU);Weather-climatic and socio-political conditions.Features of EURNOK currency pairToday, the pair allows you to use carry trading, because, despite the small difference in interest rates (0.50% for Norway and 0% for the EU), a positive swap on short positions reaches an impressive +2.19 points.High volatility and the risks associated with it also have a downside, the essence of which is that with sufficient funds and experience, as well as compliance with the rules of trading on this pair, income can be not just large, but huge and reach 300 or even a fantastic 1000% per month of the deposit size.Read more: EUR/TRY: online quotes, signals and forecasts for todayUnlike USD/NOK, which has been growing for many years, as a rule, and is an excellent alternative to the franc for long-term investments, the pair with the crown and the euro does not have such a ...