The EURNOK exchange rate is influenced by both macro and microeconomic factors, such as global economic trends, political developments, market sentiment, and supply/demand dynamics. Global economic trends affect EURNOK volatility due to Norway's strong reliance on oil exports.

Changes in price of oil related commodities can significantly impact the Norwegian Krone (NOK) against the Euro (EUR). Political developments are also a major factor in EURNOK exchange rate fluctuations, as political instability or policy changes can cause investors to shift their portfolios and thus affect the currency exchange rate. Market sentiment is another important factor that affects the EURNOK exchange rate, as traders react to news events and speculation on future prices.

EUR/NOK is a volatile currency pair, so there’s no one-size-fits-all answer to the question of when it’s best to trade. However, some general guidelines can be helpful for traders looking to maximize their profits. For instance, volatility tends to be higher during European hours, followed by North American trading hours and then the Asian session.

So traders may find it advantageous to focus their trades during peak trading times. Also, watching for major economic announcements related to the Eurozone and Norway can also be beneficial, as news-related events are likely to move the currency pair significantly. Finally, traders should always consider risk management when deciding which currencies and time frames they’d like to trade in.

When trading EUR/NOK, it's important to pay attention to a few key indicators, such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the Bollinger Bands. The RSI is used to measure oversold and overbought conditions in the market and can be useful for finding entry points.

The MACD gives you insight into market momentum and can help you identify trends. Finally, the Bollinger Bands measure volatility in the market, helping traders to identify potential opportunities or risks. By keeping an eye on these indicators, you can better inform your trading decisions with EUR/NOK.