EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK is on course to set the record-high level since April 18. It will happen, when the pair reaches the 9.40 mark, also the nearest resistance for it. As the 1H technical signals are overwhelmingly bullish at the moment, the likelihood of a rally towards the ultimate target in face of the pattern's upper edge is uplifted. The red trend-line is backed by the daily R2 at 9.4245 today, but we see no major risks represented by this resistance. Eventually, the Euro is expected to commence a correction to the downside, as assumed by the daily technical indicators. From the side of the SWFX market sentiment, traders seem to support the bulls. This is because the Euro remains oversold with the share of only 25%.
© Dukascopy Bank SA
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