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.
