EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency embarked upon appreciation against its northern peer early April when the pair plunged to a six-month low of 8.2026. Since then, EUR/NOK has been constantly rising and on April 16 it entered a bullish tunnel.
At the moment, the pair is locked between its short-and long-term SMAs, with the 200-hour SMA at 8.2885 meandering below the instrument. In the hours to come, the currency couple is likely to move closer to this support line and may even slid below it since almost 90% of all positions at the SWFX are short.
© Dukascopy Bank SA
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