EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found reliable support in May around 8.30, the Euro was able to recover against the Norwegian Krone, and there are still good reasons to be long the single currency. However, in the very short-term the exchange rate is likely to fall, since we are dangerously close to resistance at 8.9090. The pair is likely to fall down to the region of 8.7460 before re-challenging May high at 8.9358. The positive bias is also reinforced by the technical indicators, especially, on the four-hour and daily charts. Alternatively, if support at 8.7460 fails to underpin the pair, the sell-off will be expected to extend beyond the Jun 4 low to 8.6392, where the monthly R1 merges with the weekly S1 and 200-hour SMA.
© Dukascopy Bank SA
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