EUR/NOK 1H Chart: Triple Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK is currently building the third valley inside the triple top pattern, after the cross managed to bounce off the Dec 15 high at 9.60. After violating the 200-hour SMA, the outlook seems to be bearish for the common European currency. Nonetheless, an important support is still placed ahead of the spot, namely at 9.5077 (weekly pivot point). A success here will imply extra losses in the direction of 9.42 where the pair is going to meet the pattern's horizontal trend-line. Meanwhile, the long-term expectations are bullish, given that the technical indicators are giving signals to buy the Euro on the 4H and daily time frames. Moreover, SWFX sentiment shows that EUR/NOK is slightly oversold (54%) right now.
© Dukascopy Bank SA
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