The common European currency has been appreciating against the Norwegian Krone in an ascending since late September. This pattern has guided the pair up to the 9.9154 mark—its highest level during the past several years. Apart from this channel, the pair is likewise trading in a junior one valid since November 21. Its slope is relatively steep; however, as apparent on the chart, the Euro has failed to initiate a solid wave up. This might suggest that a change in the bullish sentiment might occur soon. This assumption is likewise supported by technical indicators. In terms of support, the pair might hinder near the 9.75 area near where the monthly PP, the 200-hour SMA and the weekly S1 are located.
