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Forex: EUR/NOK dips to lows

FXstreet.com (Barcelona) - The Norwegian krone lost 5 big figures soon after the release of the consumer prices in the Nordic economy during April, rising 0.6% on a monthly basis and 1.9% over the last twelve months, higher than March data at 0.3% and 1.4%m, respectively. Producer prices followed suit, contracting 1.6% on a yearly basis from the previous 3.4% drop.

It is worth noting that the NOK is appreciating for the third consecutive session so far, dragging the cross lower after the Norges Bank left the refi rate intact at 1.5% on Tuesday.

At the moment, the cross is losing 0.07% at 7.5329 with the next support at 7.5290 (low May 9) ahead of 7.4380 (low Apr.8) and finally 7.4275 (low Mar.13).
On the other hand, a break above 7.5655 (high May 9) would then target 7.5979 (50% Fibo 7.6667-7.5290) en route to 7.7025 (high Apr.24).

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