EUR/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency recently entered a channel up pattern against the Norwegian Krona. At the moment, the currency exchange rate is moving near the pattern's lower trend line at 9.4179 by 9:00 GMT, and the pair touched the lower support line just hours ago and rebounded against it. However, the trend line is not supported by any other support levels. As the EUR/NOK pair moves northward, it is set to meet with the weekly R1 at 9.44, and afterwards the pair is set to move to the upper pattern's trend line at 9.4880. Daily aggregate technical indicators also support a surge of the pair today. However, SWFX traders are 68% long on the pair, which is close to being overbought.
© Dukascopy Bank SA
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Fri, 08 Jul 2016 13:00:13 GMT

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