EUR/NOK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following the attempt to cross the pattern's resistance, which turned to be unsuccessful, the single European currency started a period of consolidation against the Norwegian krona. It seems that at the moment the pair is making further steps to lose value and approach the lower trend-line in the next couple of days. The only major demand area is represented by weekly pivot point at 8.7684. Market participants believe in the pair's ability to breach this line, as 72% of all opened positions are short on the Euro. On the other hand, short and long-term technical indicators are giving strong bullish signals, meaning that the case of crossing the mentioned support is likely to be a difficult task for the EUR/NOK pair.
© Dukascopy Bank SA
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