EUR/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the very end of 2013, EUR/NOK attained a five-year high of 8.5487 that resulted in a long-lasting weakness. Being a subject to a constant selling pressure, EUR/NOK has formed a multiple bearish patterns and one of them-channel down- we will examine today.
The formation originated late April and took the pair to a six-month low of 8.1002 in mid-May. Now the currency couple is moving in tandem with the 50-bar SMA that meanders slightly above the instrument. However, EUR/NOK is likely to retreat from the current level in the hours to come given a strong bearish sentiment on the SWFX—more than 80% of all orders are placed to sell the pair.
© Dukascopy Bank SA
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