EUR/NOK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common currency has been under-performing the Norwegian Krone since the last week of March. Despite that, it has not lost any significant ground during all time until now. Judging from the signals of daily and weekly technical indicators, the pair's bears should eventually drive the Euro downwards. However, at 8.39 they are expected to meet a considerable demand represented by the monthly S2. Only a consolidation below this mark will confirm the medium-term bearish outlook. Otherwise, there is a risk of a bounce-back above 8.40 in the direction of 100-period SMA. At the same time, SWFX traders still prefer a bearish case for this currency pair, as short positions (74%) are in clear majority.
© Dukascopy Bank SA
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