EUR/NOK 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been following bullish trend against the Norwegian Krone for more than a hundred hours. The climb has been developing within the area restricted by two upward sloping and gradually diverging lines, in other words, EUR/NOK shaped a broadening rising wedge pattern.
Now the pair is sitting at the lower limit of the pattern at 8.3442 and a bearish breakout seems possible as almost 90% of market players bet on depreciation of the currency couple. If traders' outlook materializes the pair may drop to the level of 8.3402/347 (200-hour SMA; daily S2, S3; four-hour S1, S2) that is likely postpone an accelerating decline.
© Dukascopy Bank SA
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