EUR/NOK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A dive to a three-month low on Sep 19 gave the pair impulse for the rally to a three-week high of 6.0488; the currency couple retreated from this level but managed to regain strength to touch 6.0289. The second rally enfeebled USD/NOK and it dropped again thus forming a double-top pattern.
Double-top pattern often results in the bearish breakout and this case is not likely to be an exception as 61.11% of traders bet on the depreciation of the pair, while technical indicators do not provide a clear idea on the further direction of the pair, being neutral in short– and medium term.
© Dukascopy Bank SA
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