| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Buy | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Sell | Sell | Sell |
| Alligator (13; 8; 5) | Buy | Buy | Neutral |
| SAR (0.02; 0.2) | Sell | Buy | Sell |
| Aggregate | ⇒ | ⇒ | ⇒ |
EUR/NOK is trading in a medium-term ascending channel. Along the way, the pair also formed a narrow channel up which was breached on Monday.
A breakout of this pattern is normally followed by a price decline; this, however, did not occur in this case. The rate in turn was supported by the 55-hour SMA and thus remained near the 9.39 mark.
The Euro managed to breach this level on Tuesday morning, suggesting that the expected fall might actually happen. However, the magnitude of this decline in the short term is likely to be limited due to various significant support areas, namely the monthly and weekly PPs and the 100-hour SMA near 9.3670 and the 200-hour SMA and the 61.8% Fibonacci retracement at 9.3403.
Meanwhile, given the diminishing range of the senior channel, the rate could depreciate in the medium term to approach its bottom boundary in the 9.30/32 area.