EUR-NOK prediction april 26 2012

forex trading outlook today - EUR-NOK prediction april 26 2012 : The Norwegian krone has resumed its appreciation against the single currency on Thursday after the unemployment rate during April remained unchanged at 2.6%.

In a broader picture, the cross seems to be resuming the longer term downside, only interrupted by the Norges Bank’s rate cut on March 14, that propelled the pair to levels above 7.65, just to fall since then against the backdrop of relentless improvement in the economy.

March’s retail sales are due tomorrow in Norway (+1.0% prev.).

At the moment EUR/NOK is losing 0.02% at 7.5600

Next support levels lie at 7.5186 (low Apr.18) ahead of 7.5000 then 7.3927 (low Mar.5) and 7.3880 (low Jan.23).

On the other hand, a breakout of 7.5630 (high Apr.19) would bring 7.5830 (MA30d) then 7.6000 and 7.6270 (high Apr.12).

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