EUR/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK was strong enough to advance after a sharp decline under its long-term SMA, a drop under which sent the currency couple to an one-month low of 7.7784 on August 13. A sharp rise was observable after this short-term weakness, with EUR/NOK skyrocketing to a 33-month high on August 22. However, a bounce above this level failed, making the decline towards the pattern's support inevitable. If the pair does not manage to jump from this level currently at 8.0597, it may tumble to its 200-hour SMA at 8.0427 that will mollify a downside pressure but may fail to stop the pair from falling to 8.0239 (daily S2).
© Dukascopy Bank SA
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