EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in an ascending channel pattern against the Norwegian Krona, as the currency exchange rate bounced off the pattern's lower trend line at 6:00 GMT at 9.4261 and surged to 9.4530 by 10:00 GMT. At the moment, the pair is in the middle of the pattern and on its way to the pattern's resistance line. However, the exchange rate will still face the weekly R2 at 9.4581. In the meantime, daily aggregate technical indicators forecast a continuous and stable surge during the rest of the day. In addition, the pair's movement upward is also supported by the fact that 72% of open SWFX positions are already short, which indicates at the pair being oversold, and it has only room to move up.
© Dukascopy Bank SA
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