EUR/NOK 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During more than three weeks ended April 11, the single European currency was losing ground against the Norwegian Krone. The pair ceased its slump only when it managed to enter an upward-sloping gradually converging tunnel where the instrument had been trading for almost 190 hours.
EUR/NOK jumped to a one-month high of 8.3039 on April 24 that lies above the upper limit of the formation. However, the rally did not lead to a breakout as the pair promptly returned to the pattern. Now the currency couple is likely to continue erasing earlier gains as more than 80% of market players bet on depreciation of the pair.
© Dukascopy Bank SA
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