| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Buy | Sell |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Buy | Neutral | Neutral |
| Alligator (13; 8; 5) | Sell | Buy | Sell |
| SAR (0.02; 0.2) | Sell | Buy | Buy |
| Aggregate | ⇒ | ⇒ | ⇒ |
The common European currency has been trading in a long-term descending wedge against the Norwegian Krone. This pattern was formed in November 2017 and has since provided several confirmations on each side.
The most recent junior pattern—an ascending channel—guided the pair in between the bounds of the senior wedge. The upper wedge line was reached last week and the Euro has since breached the short-term channel.
By the time of this analysis, the rate was testing the 200-hour and 55-period SMAs and the 38.20% Fibonacci retracement at 9.54. If this support is breached, the Euro is expected to continue its decline down to the 200-period SMA circa 9.48 and maybe even further down to the bottom wedge boundary. Contrarily, it should breach the long-term wedge and aim for the 23.60% Fibo at 9.71 during the next weeks if 9.54 remains intact.