EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK overstepped the 8.9273 area which had bound a range since October 2016 and had been tested for an astonishing five times while experiencing a single conclusive break below. The pair has taken the form of a channel up pattern on the hourly chart and continues to sending bullish signals, even though the formation itself might give in to short-term supply as a correction of 8.9273 should now be executed. The bottom boundary of the pattern that is now tested might break immediately, let the pair dip to the significant support and then extend a strong rally even as high as 9.0813. Immediate resistance lies at 8.9422/31, while supports at 8.9380 and 8.9300 will mess with the small-scale motion south.
© Dukascopy Bank SA
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