EUR/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp decline was observable after the Euro hit a two-month high of 8.5274 against its northern counterpart, the Norwegian Krone. During slightly more than a week, EUR/NOK lost over two thousand pips and dived to a three-month low of 8.2998 that is sitting at the support line of the 150-bar long channel down pattern.
The currency couple managed to bounce off the recent low and now is trading above its 50-hour SMA at 8.3359. However, market players are not convinced that the pair is capable to sustain a long-lasting advance-more than 70% of all positions are placed to sell the pair.
© Dukascopy Bank SA
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