EUR/NOK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following exorbitant levels of volatility as a result of the recent FOMC meeting, EUR/NOK seems to be forming a falling wedge. Consequently, we should expect a break-out to the upside. The key level is at 8.6027, reinforced by the daily pivot point. However, the currency pair may also encounter some resistance at 8.6121, but afterwards should be able to reach 8.70, where the 200-hour SMA merges with some of the recent highs.
In the meantime, the support trend-line is at 8.5518, and it must remain intact. Otherwise, the Euro will be exposed to a drop to the Mar 6 low at 8.5104. Another demand area is supposed to be at 8.48, implied by one of the long-term trend-lines.
© Dukascopy Bank SA
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