EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After swinging between small gains and losses for more than a month started in mid-December, EUR/NOK was trapped by two upward sloping lines that locked the pair in more than a thousand-pips wide trading range. Now the pair is attempting to re-approach the recent peak at 8.5223, a one-month high. To succeed the currency couple has to surpass the bunch of resistances at 8.5022/198 (four-hour pivot point, four-hour R1, R2, R3) that will open the way for the recent peak. In fact, if the pair manages to penetrate the one-month high it may target 8.5346 (daily R1) and then escalate to the pattern's resistance.
© Dukascopy Bank SA
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