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EUR/NOK 1H Chart: Rising wedge pattern in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇗⇗⇗

[ANNOUNCE] The Euro has been appreciating against the Norwegian Krone since the beginning of October when the EUR/NOK currency pair reversed north from the upper boundary of the ascending wedge pattern. [/ANNOUNCE] 

Currently, the exchange rate is trading near the upper pattern boundary. Note that the rate is supported by the 200-hour SMA, currently located at 10.14. Thus, it is likely that a breakout north could occur in the nearest future. Important level to look out for is the monthly R3 at 10.36. 

However, if the given pattern holds, it is likely that a reversal south could occur soon. Also, the general direction is expected to remain north until the end of the current year.

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