EUR/NOK 4H Chart: Triple Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare triple bottom pattern emerged on the 4H chart of the EUR/NOK currency pair. Moreover, the pattern's boundaries have not been violated yet, meaning that the pair is trading both above all three valleys, but below the neck-line at 8.54. This week, it seems that the common currency is heading upwards, by trading around 8.4370 at the moment. Despite that, based on information from the weekly technical indicators, the pair is at risk of changing hands, when reaching the monthly PP and 200-period SMA at 8.52. A long-term potential decline should be extended as low as monthly S1 at 8.27. Meanwhile, the majority (57%) of SWFX traders are holding short positions on the Euro.
© Dukascopy Bank SA
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