EUR/NOK 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most studies suggest the Euro is set to appreciate against the Norwegian Krone during the next two weeks. Falling wedge is a bullish pattern, and in addition the price is trading right at a confluence of supports, including the weekly S1, 200-period SMA, up-trend and August 5 low. Moreover, majority of the daily and weekly technical indicators is pointing north. Once the price closes above 9.4250, however, the upside is likely to be limited by 9.52, namely the upper bound of the four-month ascending channel forming in the daily chart. Alternatively, if 9.38 is violated first, the focus will shift to a major support trendline at 9.28, where it merges with the weekly S3 and monthly S1.
© Dukascopy Bank SA
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