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EUR/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The common European currency is trading against the Norwegian Krone in a short-term ascending channel. The pattern has formed as a result of the currency pair breaking through the bottom trend-line of the senior upward channel near the 9.3400 level. It is likely that the pattern will remain until the end of this trading week and then gradually transform into an ascending triangle amid strong resistance provided by the weekly R2 and monthly R1 around 9.4620. The likelihood of this scenario and general upward movement of the rate is additionally supported by the ascending 100-day and 200-day SMAs.

  Level  Rationale     Indicator 30M 1H 4H
R4 9.5638 Monthly R2     MACD (12; 26; 9) Buy Sell Buy
R3 9.5497 Weekly R3     RSI (14) Sell Neutral Neutral
R2 9.4614/25 Weekly R2; Monthly R1     Stochastic (5; 3; 3) Sell Sell Neutral
R1 9.4455 Upper Bollinger Band     ADX (14) Buy Neutral Neutral
S1 9.4228 Bottom Bollinger Band     CCI (14) Sell Sell Neutral
S2 9.4113 Weekly R1     AROON (14) Buy Buy Buy
S3 9.4009/02 Bottom trend line; Bottom Bollinger Band     Alligator (13; 8; 5) Buy Sell Neutral
S4 9.3764 100-day SMA     SAR (0.02; 0.2) Buy Buy Sell
          Aggregate → → ↑
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