EUR/NOK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
By closing the price below 200-hour SMA and pattern's lower edge, the EUR/NOK cross confirmed the rising wedge, while narrowing trading range had implied a drop from the very beginning of the pattern. Now the risks are skewed strongly to the downside, but support can be offered quite soon by two important technical areas. The first is placed at 9.40 (daily/weekly S2), followed by daily/weekly S3 at 9.28. In case both of them are eroded, then the Euro will be likely targeting the October 2015 low at 9.1525, which is guarded by last month's low at 9.0921. On the other hand, any gains will firstly have to deal with multiple SMAs near 9.62-9.63, which merged together around those levels.
© Dukascopy Bank SA
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