EUR/NOK 1H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro– Norwegian Krone cross has been moving sideways since late December, and it seems that the tendency will persist for some time before the pair will be able to push above or below any of the trend lines. Nonetheless, a move below the 200-period SMA seems probable, as aggregate technical indicators are either neutral or sending "sell" signals, while 72% traders were holding short positions. It is hard to predict, whether bears will be able to push the pair any lower, as just 53 pips is located a weekly pivot and a Bollinger band. Moreover, a recent low, daily S2 and 4H S1 can be found around 8.3739, therefore, a movement to the south is expected to be limited.
© Dukascopy Bank SA
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