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.
