EUR/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment the Euro is in a strong up-trend against the Krone, and extension of the recent gains seems a likely possibility. EUR/NOK should be underpinned by the support trend-line at 8.90 and rally through immediate resistance at 8.9320, represented by the daily R1. In order to confirm its longer-term bullish intentions the currency pair will have to overcome a potentially strong supply area around 9.00. In case of success the next target could be 9.20. At the same time, if demand at 8.90 is insufficient, the price may fall as low as 8.69, where the weekly R1 merges with the 200-hour SMA and daily S3. Meanwhile, the SWFX traders are undecided: 51% are long and 49% are short.
© Dukascopy Bank SA
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