| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Sell | Neutral | Buy |
| Alligator(13;8;5) | Buy | Sell | Sell |
| SAR(0.02;0.2) | Buy | Buy | Sell |
| Aggregate | ⇗ | ⇒ | ⇘ |
The European Common Currency has been depreciating against the Norwegian Krone since the beginning of June. This movement has been bounded in the falling wedge pattern.
From a theoretical point of view, it is expected, that a breakout north could occur within the following trading sessions. However, note, that the currency pair has to surpass the resistance level formed by the Fibonacci 23.60% retracement at the 9.7112 mark.
It is unlikely, that the exchange rate could trade downwards due to the support cluster formed by the 55-, 100– and 200-hour SMAs, currently located in the 9.6239/9.6457 range. However, if the given support does not hold, the rate could decline to the Fibonacci 50.00% retracement.