EUR/NOK 1H Chart: Triangle

We consider EUR/NOK to be carrying significant bearish potential at the moment. This opinion resides on the premise that the lower edge of the symmetrical pattern, the currency pair has been charting throughout the past 330 trading hours, has been just broken.

We may expect a bullish retracement in the nearest future up to 7.8676, which supposedly will turn out to be a confirmation of the former trend-line support as the resistance that is going to send the price south. This view is shared by an overwhelming majority of the SWFX traders, 72% of whom have already short-sold the common currency and expect its debasement.