EUR/NOK 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the recent inability of EUR/NOK to push through resistance at 9.5950 the outlook on the currency pair is strongly bullish. The main argument is that the price has formed an ascending triangle after a run from 9.10. Additionally, the longer-term technical indicators are mostly pointing upwards, and the Euro is oversold—72% of open positions in SWFX market are short at the moment. Accordingly, EUR/NOK is expected to close above 9.5950 and then keep advancing north. The September high at 9.63 is likely to be the next target. In the meantime, in case of a breach of the support trend-line at 9.4950 we could see a test of the December 10 low and 200-hour SMA near 9.43.
© Dukascopy Bank SA
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