| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Buy | Neutral | Neutral |
| Alligator(13;8;5) | Sell | Neutral | Buy |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇒ | ⇗ |
The EUR/NOK currency pair continued to trade upwards within the rising wedge pattern (4H time-frame chart). As apparent on the chart, the pair is testing the lower pattern line at 10.08.
From a theoretical perspective, it is likely that a reversal north could occur in the nearest future, and the exchange rate could continue to extend gains within the given pattern in the medium term. Important level to look out for is the monthly PP at 10.16.
However, note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 10.10. Thus, if the given pattern does not hold, the pair could trade downwards in the nearest future. In this case, the pair could target the Fibo 23.60% at 9.92.