EUR/NOK continues to rise after the recent Breakout of the Clear Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the strong Initial Trend (8 bars), below-average Uniformity (4 bars) and high Clarity (9 bars).
The completion of this chart pattern continues the preceding upward price impulse (its strength is reflected by the high Initial Trend value of this chart pattern) from the major multi-year support level 7.2800 (which had previously reversed the pair up in August of this year and also at the start of 2003). Autochartist rates the strength of this Breakout at the maximum 10 bar level – which increases the probability EUR/NOK will continue to rise toward the Forecast Price 7.3943.
The following monthly EUR/NOK chart shows the previous price action close to the major support at 7.2800:
EUR/NOK" title="EUR/NOK" width="597" height="605">