EUR/NOK 30M Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK corrected the weekly highs it was attempting with a rising wedge pattern, suggesting that a downfall might follow. The rate has just exited the pattern to the downside and is currently attempting the 20-period SMA at 9.0335. More risk is located at 9.0252 and then 9.0204/0190 and we will most likely look for the levels to crumble, following a retracement of the broken trend-line around the 9.0452 area. While corrective phases are likely to guide the dive, the pair could face some decent demand which could stall the dip for good. With 75% of short positions on the pair, however, some demand should come along to shift to equilibrium.
© Dukascopy Bank SA
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