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EUR/NOK in highs on poor sales data

FXstreet.com (Barcelona) - The Norwegian krone is depreciating markedly against the euro on Thursday, pushing the cross above the 7.6400 handle.

Retail Sales in the Scandinavian economy contracted 0.6% MoM during April, down from March’s expansion of 0.2% and below the median at 0.4%. Over the last twelve months, sales surpassed estimates advancing 1.1%. The cross pushed to fresh 3-week highs above the key level at 7.6400, levels last seen in early May.

The cross is now up 0.05% at 7.6380 with the next support at 7.5235 (MA10d) ahead of 7.4870 (MA100d) and then 7.4638 (low May 21).

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