EUR/NOK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to the highest level since November 2010 on August 22 was the starting point for a channel down pattern, within which EUR/NOK was retreating until it hit a two-week low of 7.9843 on September 4 that prompted a slight appreciation towards its 200-hour SMA at 8.0423. However, the pair failed to break through its this level and now is trading under its daily pivot at 8.0367. A channel down is considered a bearish pattern, implying that a further drop is likely. To confirm this, EUR/NOK has to breach support levels at 8.0143 (daily S1) and 7.9814 (daily S2 and two-week low), the region regarded as the last defence for an accelerating decline to the pattern's support at 7.9843.
© Dukascopy Bank SA
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