Wed, Jun 29, 2022 @ 15:43 GMT
HomeContributorsTechnical AnalysisEUR/NOK 4H Chart: Two Scenarios Likely

EUR/NOK 4H Chart: Two Scenarios Likely

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.

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.

Featured Analysis

Learn Forex Trading