EUR/NOK 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A prolonged bearish correction that followed the up-move between September and December seems to have finally come to an end. EUR/NOK has just closed above the resistance trend-line of the falling wedge pattern. If the pair manages to stay above 8.65, the Euro will likely extend the most recent rally to the supply area around 8.80, where the Jan 29 high coincides with the monthly pivot point and the long-term moving average. Should the bulls keep pushing the price even further north, the resistance at 9.23 will be the next potential target. However, the SWFX sentiment is strongly bearish, as 67% of all open positions are presently short.
© Dukascopy Bank SA
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