The common European currency is trading against the Norwegian Krone in the short term ascending channel. The pattern started to form after the currency exchange rate bounced off from the 61.8% Fibonacci retracement level at 9.3751. The Fibonacci retracement levels for this pair are measured by connecting the 2016 high and 2017 low levels. Currently, the pair is trading slightly above the monthly PP at 9.4608, which represents a new support level and indicates on further surge of the rate. This scenario is additionally supported by the fact that there are no other resistance levels until the monthly R1 at 9.6058.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 9.8691 | Monthly R3 | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 9.7229/42 | 100% Fibo; Monthly R2 | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 9.6058 | Monthly R1 | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 9.5145/50 | Trend line; Upper Bollinger Band | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 9.4608 | Monthly PP | CCI (14) | Neutral | Sell | Neutral | ||
| S2 | 9.4598 | 20-period SMA | AROON (14) | Buy | Buy | Buy | ||
| S3 | 9.4423 | Trend line | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 9.4115 | 55-period SMA | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | → | → | → |