EUR/NOK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Although the common European currency is in a long term descending channel pattern against the Norwegian Krona, the pair is in the process of forming a new junior ascending pattern. Recently the currency exchange rate found support in the lower trend line of the descending channel and rebounded against the 9.0810 level on April 13. Afterwards, the rate suddenly bounced off resistance at 9.1363 on April 14. These points can be used to draw the possible borders of the about to reveal itself ascending pattern. However, it might be also possible that all of the recent fluctuations were only caused by the strength of the 200-period SMA, which is moving in the middle of the hypothetical pattern.
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