EUR/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Norwegian Krone cross is nearing the lower trend-line of the upward channel. It means that shortly we are going to see some purchasing activity and the common European currency is likely to resume growing in value. Additional support will be offered by the 200-hour SMA, which is currently coinciding with the green boundary of the pattern and daily S2. On top of that, SWFX market sentiment assumes the Euro remains oversold in 74% of all cases, and this fact backs the bullish case even more. However, hourly and 4H technical indicators are pointing to the South. In case the 9.60 mark is broken, the first bearish target will become the weekly S1 and Feb 10 low at 9.55/54, followed by weekly S2 at 9.4277.
© Dukascopy Bank SA
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