EUR/NOK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The reason what makes this trade pattern attractive for trade is very obvious– it is a recent upside breakout, which is usually followed by higher prices and increased trading volumes. Even taking into account low volume during the summer, further appreciation of the pair is very likely, as aggregate technical indicators on 4H and weekly charts are sending "buy" signals. Despite clear technical indicators, the majority (72%) of market participants are still bearish and interpret recent move as a "sell" signals, hence they are opening short positions. This fact can raise the concerns of further movement to the north.
© Dukascopy Bank SA
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