EUR/NOK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has formed an ascending channel pattern against the Norwegian Krona, as the currency exchange rate is testing the patterns upper trend line, which is located at 9.5542. However, it is most likely not going to move steadily downwards, as the pair is about to meet the support provided by the weekly PP at 9.4444, and below that support levels are located with a 200 pip interval at the maximum one after another, which is a very close proximity for the EUR/NOK pair. In addition, the currency exchange rate is close to being oversold, as 65% of SWFX trader open positions are short on Tuesday. Moreover, daily aggregate technical indicators forecast a surge for the pair during the day.
© Dukascopy Bank SA
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