EUR/NOK 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in an ascending wedge against the Norwegian Krona. However, on a larger scale the currency exchange rate is in a descending channel. Moreover, the currency pair recently hit the large scale channel's upper trend line at 9.1150 and bounced off from it. In addition, the pair recently moved below the 23.60% Fibonacci retracement level at 9.1022, which is measured by connecting the 2016 low and high levels. The retracement has proven that it is a strong enough resistance provider to stop the Euro from regaining its strength against the Krona. Due to these factor combined it is clear that the rate is set to decline and form a new medium term pattern.
© Dukascopy Bank SA
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