EUR/NOK 1H Chart: Channel Up

While before the noon of Nov 7 the currency pair has been completely flat, after the rate cut by the ECB the single European currency to rapidly gain value relative to the Norwegian Krone, even though the reaction was counterintuitive. This surge effortlessly pierced through the 200-hour SMA, but nonetheless was contained by two parallel trend-lines, which formed the channel up.

However, just recently the price has breached the rising support line at 8.2216, meaning EUR/NOK has exited the bullish channel and, accordingly, its outlook changed from positive to negative. The nearest support that is most likely to stop the decline is at 8.0932.