EUR/NOK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After EUR/NOK formed a rising wedge at the end of the previous week, the currency pair is now approaching the apex of the falling wedge. Accordingly, while the near-term bias is negative, which is also confirmed by the hourly and four-hour technical indicators, we should be wary of a potential reversal. The outlook will be changed to bullish once the price crosses the declining trend-line at 9.4740. The initial target in this case will be the supply area at 9.4964/20, but the rally will probably extend higher, up to 9.5409/9.5335, where the January 26 high is joined by the weekly pivot point. Alternatively, should the rate slip under 9.40, there is likely to be sell-off down to 9.34 (weekly S1).
© Dukascopy Bank SA
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