Forex: EUR/NOK bouncing off lows, above 7.3800

FXstreet.com (Barcelona) - A bout of appreciation of the Norwegian krone followed the release of the inflation figures in Norway during January, where the CPI rose 1.3% on a yearly basis, a tad lower than December's +1.3%. The Core print advanced 1.2% YoY vs. 1.1%. Producer prices contracted sharply during the same period, 2.4%, extending the previous fall of 0.2%.

"We think that EURNOK has some downside potential this week after Draghi removed some euro support last week", commented C.Tuxen, Senior Analyst at Danske Bank.

At the moment, the cross is losing 0.24% at 7.3830 with the next support at 7.3570 (low Jan.14) ahead of 7.3415 (high Jan.4) and finally 7.2953 (Lower Bollinger).
On the upside, a break above 7.4680 (high Feb.1) would clear the path to 7.4770 (2013 high Jan.18) and 7.4846 (high Oct.26 2012).