EUR/NOK 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been losing its value compared to the Norwegian Krone since the pair neared a three-year high of 8.5473 on February 4. The beginning of spring failed to bring any noticeable changes in the pair's moves, except from an increased pace of depreciation that followed a formation of a falling wedge pattern on February 28.
Now the EUR/NOK is vacillating near a three-month low of 8.2228 and considering that downward-sloping pattern trend-lines are likely to continue pushing the pair down, the currency couple may dive below this mark in the foreseeable future. Technical data also points to a weakness in medium and long terms.
© Dukascopy Bank SA
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