EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found a solid support around 8.97 on Jan 8, EUR/NOK is currently negating some of the recent losses. Given that the pair has formed a bullish channel, the recovery is likely to persist. The Euro has just gained a foothold above 9.1433, meaning the next target is the Jan 12 high at 9.1887, though the price is expected to rise beyond this resistance, namely towards the upper trend-line at 9.2191. Alternatively, should EUR/NOK slide beneath 9.14, there will be the weekly PP and 200-hour SMA waiting for the pair at 9.12 and 9.10, respectively. As for the sentiment, as many as 68% of the SWFX market participants are holding short positions.
© Dukascopy Bank SA
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