| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Buy | Neutral |
| Alligator(13;8;5) | Sell | Buy | Buy |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇗ | ⇗ |
The EUR/NOK currency pair has been extending gains since the middle of July when it reversed north from the lower boundary of the rising wedge pattern at 9.60.
As apparent on the chart, the exchange rate has already reversed south from the upper pattern line at 10.08. From a theoretical point of view, it is likely, that the rate could continue to trade downwards in the short term, as it should target the lower wedge line. In this case, the pair could be supported by the Fibonacci 23.60% retracement at 9.78.
Also, note, that the rate is supported by the monthly R2 located at the 9.93 mark. Thus, a possible decline might not be immediate, and the pair could re-test the upper pattern line within the following trading session.