Wed, Jun 29, 2022 @ 15:48 GMT
HomeContributorsTechnical AnalysisEUR/NOK 1H Chart: Rising Wedge Pattern In Sight

EUR/NOK 1H Chart: Rising Wedge Pattern In Sight

The EUR/NOK currency pair has been trading within a rising wedge pattern within the beginning of April.

From a theoretical point of view, it is likely that the exchange rate could trade within the given pattern until the middle of May. Then, a breakout north could follow, and the rate could decline to the psychological level at 10.00.

On the other hand, note that the currency pair is supported by the 55-, 100– and 200-hour SMAs in the 11.30 area. Thus, the pair could breach the given pattern north and re-test the psychological level at 13.00.

Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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