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Forex: EUR/NOK retracing from highs, around 7.4700

The Norwegian krone is gathering pace again on Wednesday, dragging the pair from highs in the boundaries of 7.4800 after the Labour Force in the Scandinavian economy ticked a tad higher to 3.6% in December from 3.5% in the previous month, missing expectations of a move lower.

At the moment, the cross is 0.30% at 7.4716 with the next resistance at 7.4857 (Upper Bollinger) ahead of 7.5080 (high Feb.21) and then 7.5254 (high Jul.9 2012).
On the downside, a breakdown of 7.4350 (low Feb.26) would clear the way to 7.4260 (MA30d) en route to 7.4010 (low Feb.20).

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