The Norwegian Krone has been appreciating against the Euro in a short-term descending channel. This movement began on September 7 when the pair reversed from the upper boundary of a long-term descending channel.
As apparent on the chart, the currency pair is pressured by the 55– and 100-hour SMAs. Most likely that the pair will continue to go down and will aim for the support level formed by a combination of the weekly S1 and the Fibonacci 100.00% retracement located circa 9.4100.
If given support level does not hold, it is likely that the exchange rate will continue to go downside to the weekly S2 at 3.3377.