Since the end of January, the EUR/NOK currency pair has been trading within a falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could continue to trade downwards within the predetermined pattern in the nearest future. Then, a breakout north could occur, and the rate could target the 10.80 level.
In the meantime, note that the currency pair is pressured by the 100– and 200-period moving averages in the 10.30 area. Thus, a breakout south could occur, and the pair could decline below 10.00.
