Patterns: EUR/NOK, USD/NOK
|EUR/NOK 4H Chart: Ascending channel in sight
Since the beginning of October, the EUR/NOK currency pair has been trading upwards within an ascending channel.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the predetermined channel in the medium term. In this case the rate could surpass the 11.00 mark by the beginning of December.
Meanwhile, note that the currency pair is pressured by the 55-period moving average near 10.95. Therefore, a breakout south could occur in the nearest future, and the pair could target the Fibo 61.80% at 10.40.
USD/NOK 4H Chart: Two scenarios likely
Since the beginning of October, the USD/NOK exchange rate has been trading upwards within an ascending channel.
From a theoretical point of view, it is likely that the currency pair could continue to trade upwards within the predetermined channel in the medium term.
In the meantime, note that the exchange rate could gain support from the 55-, 100– and 200-period moving averages in the 9.2700 area. Thus, a breakout north could occur, and the rate could re-test the psychological level at 9.6000.
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