EUR/NOK 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is in a triangle patter with the Norwegian Krone since May 17. However, at the moment the currency exchange rate has slightly moved out of the pattern and is moving back into it, as it met with the weekly S1 against which it rebounded. The pair is trading at 9.2836 and is moving to the lower trend line at 9.29. If the Euro breaks through the lower trend line, it will face heavy resistance kept up by the 200-hour SMA and upper trend-line. In addition, beyond are located the 55 and 100-hour SMAs. In the meantime, technical aggregate indicator forecasts no changes for today and a surge for the rest of the month.
© Dukascopy Bank SA
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