EUR/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
The common European currency is trading simultaneously in two ascending channel patterns against the Norwegian Krona. The junior pattern represents the rebound of the currency exchange rate against the lower trend line of the dominant channel. In addition the pair has shown itself to be highly affected by the Fibonacci retracement levels, which can be measured by connecting the 2016 July high level with the 2017 low level. Most recently the Euro found support and rebounded against the Norwegian Krona at the 9.24 level, where the lower trend line of the short term pattern and the 38.20% Fibonacci retracement level are located at. The pair is heading to the 23.60% retracement level at 9.3462 mark.
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