EUR/NOK 1H Chart: Rising wedge pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Wed, 23 Oct 2019 15:51:25 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate

The Euro has been appreciating against the Norwegian Krone since the beginning of October when the EUR/NOK currency pair reversed north from the upper boundary of the ascending wedge pattern.  

Currently, the exchange rate is trading near the upper pattern boundary. Note that the rate is supported by the 200-hour SMA, currently located at 10.14. Thus, it is likely that a breakout north could occur in the nearest future. Important level to look out for is the monthly R3 at 10.36. 

However, if the given pattern holds, it is likely that a reversal south could occur soon. Also, the general direction is expected to remain north until the end of the current year.


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