EUR/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro may relatively shortly produce a massive rebound against the Norwegian Krone, just as price reaches the lower edge of the channel down at 9.2074. At the same time, the bulls are also watching both daily and weekly S1 supports that might allow for an earlier spike upwards. The bullish case is boosted by the fact that the Euro is now strongly oversold (73%) against NOK. The rally is expected to prolong through 9.39, if the exchange rate successfully deals with the 200-hour SMA and weekly PP around 9.33-34. Nevertheless, the long-term risks are still skewed to the downside. As indicated by technical indicators on the majority of time frames, the Euro has some room for deeper losses.
© Dukascopy Bank SA
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