EUR/NOK 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a strong rally from the well-established support at 9.15 EUR/NOK has entered a consolidation phase in the form of a rectangle. Eventually the pattern should be broken to the upside, but before confirming its bullish long-term intentions momentum of the currency pair will be tested by resistance at 9.64, where the monthly R3 joins forces with the September high.


In the meantime, below the key support at 9.44 the Euro will have a good chance to stabilise either at the monthly R1 (9.3640) or near the 200-period SMA at 9.33. Meanwhile, the SWFX market participants are undecided—47% of open positions are long and 53% are short.
© Dukascopy Bank SA
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