| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Sell | Sell |
| RSI (14) | Neutral | Neutral | Neutral |
| Stochastic (5; 3) | Buy | Buy | Neutral |
| Alligator (13; 8; 5) | Sell | Sell | Sell |
| SAR (0.02; 0.2) | Sell | Sell | Sell |
| Aggregate | ⇒ | ⇒ | ⇒ |
The common European currency has weakened against the Norwegian Krone following a retracement from the breached senior channel near 9.71 early in May. This movement south has been bounded in a descending wedge which formed mid-November, 2017.
The pair is gradually moving towards the bottom wedge boundary and the weekly S3 near 9.35. It is expected that the current movement down continues until this channel line is reached during the following two weeks.
In the meantime, it is likely that the Euro tries to recover from its rapid depreciation this week. The most probable upside target is the 9.50 area where the 55– and 100-period SMAs and the weekly PP are located. The 55-, 100– and 200-hour SMAs are likewise located there.