The currency pair is trading in an upward parallel channel. A breakout on either side will be an opportunity to enter.

If the breakout is on the upside we can expect the pair to make a new high, the pair is trading above the EMA indicating uptrend. The EMA is pointing uptrend which is a good buy signal as per EMA studies.

If the breakout is on the downside we can expect the pair to correct till the EMA, if the pair closes below the EMA we can expect the pair to correct till its previous resistance which is now a support (9.85).

EUR/NOK

Mar 15 2022