EUR/NOK 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK sellers built up some momentum, as highs became lower in a rising wedge. While it appeared that the pair might turn the wedge into a channel up pattern, the recent wave lost amplitude on the upside, causing a premature slip targeting the bottom trend-line at 9.0648. Although it might be a case where the pair tests 9.0856, the October high and then launches a new and ultimately successful attack at the solid upper trend-line at 9.1226 as it has in previous occasions, it might be time to exit the ambiguous pattern with a break below 9.0628, the only definite trend-line, shifting risk to 9.0477, the 200-hour SMA at first. On a larger scale, however, EUR/NOK follows a channel down on the daily chart, and is currently on a wave up, meaning, that the reversal, if executed, could be unsustainable.
© Dukascopy Bank SA
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