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Forex: EUR/NOK in 3-week lows on Norway data

FXstreet.com (Barcelona) - The Norwegian krone is advancing against the single currency for the third consecutive session on Wednesday, printing at the same time fresh 3-week lows around 7.4480/45 after the unemployment rate in the Nordic economy remained at 3.6% in January, banging on forecasts.

Interesting week ahead for the NOK, as Retail Sales, Industrial Production, Credit Indicators and Manufacturing Output are all due ahead in the upcoming sessions.

At the moment, the pair is down 0.12% at 7.4478 and a dip beyond 7.4275 (low Mar.13) would expose 7.4250 (low Mar.8) and finally 7.4155 (low Mar.7).
On the upside, a breakout of 7.5047 (MA10d) would aim for 7.5677 (high Mar.21) and then 7.5780 (2013 high Mar.20).

Forex Flash: EUR/JPY set to react back to 118.74 February low - Commerzbank

Commerzbank analysts see the EUR/JPY set to react back to the 118.74 February low, but it has to hold for medium term upside pressure to be maintained. “The Elliott wave count on the daily chart is indicating that this support will hold for recovery and this is also the base of the cloud (118.82)”, wrote analyst Karen Jones, pointing to initial resistance at near term resistance line at 121.58 ahead of 122.66/85 (20 and 55 day ma) which guards the March high at 126.03 and the 127.71 February high. “Directly overhead lies tough resistance at 127.95/129.60, the March 2010 high and the 78.6% retracement of the move down from 2009. Below 118.38 the 16th January low is 116.47”, they added.
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