EUR/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although initially EUR/NOK appeared to form a falling wedge, the break-out to the upside was not confirmed. Nevertheless, even though the daily indicators are mostly bearish, there is a possibility of a rebound, being that 9.38 is a major demand level—here lies the trend-line that stretches back to May of 2015. At the same time, considering that in the weekly chart the Euro has just tested the upper boundary of the channel (Jan high), this trend-line should eventually be broken, thus making a bet on a rally from last month's minimum a high-risk bet. Above 9.50 the target will be the January high at 9.75, while below 9.38 the pair will probably sink down to 9.09.
© Dukascopy Bank SA
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