USD/NOK 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a four-year high of 6.3146 early February, the U.S. Dollar commenced a retreat against the Norwegian Krone. A decline was steep, pushing the pair to a six-month low of 5.9542 during less than a month. However, the drop may be halted in the days to come as the pair managed to regain strength after diving below the lower trend-line of a 98-bar long descending triangle pattern. Besides, the pair has recently broken the resistance of the pattern that may mean that bullish breakout has happened and the pair may enjoy a sharp rally in the hours to come.
© Dukascopy Bank SA
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