Listen to the market mood for the EURNOK currency pair in the coming session:
The EUR has a bearish outlook with coronavirus scares weighing on the currency and EURUSD sold off last week.
The NOK is seeing strength this AM after a significantly stronger than expected inflation reading at 1.8% vs 1.2% expected. A rise in fish prices has also been supporting NOK as oil prices have been falling on coronavirus fear.
Therefore expect EURNOK sellers at market and pullbacks.
Risks to this outlook
Any positive data for the EUR (though no major data is scheduled today) and any sharp sell-off in oil prices will invalidate this outlook. On the other hand, any announcement about production cuts from OPEC+ will accelerate this outlook.