EUR/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having tumbled to a one-month low on September 15, the single currency regained strength and commenced a steep advance against the Norwegian Krone. During thee-week time since the beginning of the channel up pattern, the pair managed to soar from the one-month low of 7.7809 to more than a one-year high of 8.2054, the level close to which the pair is faltering now. Traders perceive this sharp advance as a signal that a retreat will be in place (95% of market players are bearish on the pair). However, steepness of the pattern as well as strong support that may come from short-and long-term SMAs in case of a decline suggest that expected weakness is likely to be of short duration.
© Dukascopy Bank SA
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