Forex: EUR/NOK dips to lows around 7.3800

The Norwegian krone is partially trimming yesterday’s losses after reaching the boundaries of 7.4100 on dovish comments by Norges Bank’s Olsen. At the moment, the NOK has strengthened to the area around 7.3900 despite January’s trade surplus narrowed to €33.5 billion from €35.2 billion previous.

As of writing, the pair is losing 0.08% at 7.3902 with the next support at 7.3465 (low Feb.14) ahead of 7.3415 (high Jan.4) and then 7.3214 (Lower Bollinger).
On the flip side, a breakout of 7.4680 (high Feb.1) would aim for 7.4770 (2013 high Jan.18) and finally 7.4800 (Upper Bollinger).