EUR/NOK 1H Chart: Medium-term channel in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuySell
Aggregate

At the end of last week, the EUR/NOK currency pair reached the upper boundary of the medium-term descending channel at 9.7938.  

Currently, the pair is still testing the given channel line. From a theoretical point of view, it is expected, that a reversal south could occur in the nearest future. Important support levels to look out for is the Fibonacci 23.60% and 38.20% retracements, located at 9.7112 and 9.6528 respectively. 

However, if the given channel does not hold, it is likely, that a breakout north could occur within the following sessions. A possible upside target is the psychological level at 9.9500.

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