EUR/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK has been bearish since the start of the year, but considering that a major descending resistance trend-line has just been broken (June 13), the price should now be driven by buyers. In addition, the fact that the single currency is oversold (71.5% of positions are short) also favours a stronger Euro. During the next couple of days the rate is expected to recover from 9.3980 and postpone a downward correction until it approaches the April high. Alternatively, in case demand circa 9.3980 is insufficient to trigger a rally, the price will most likely fall back towards 9.33-9.31 kroner, where it is awaited by the June 15 low and the recently broken trend-line.
© Dukascopy Bank SA
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