© Dukascopy Bank SA
The formation originated late April and took the pair to a six-month low of 8.1002 in mid-May. Now the currency couple is moving in tandem with the 50-bar SMA that meanders slightly above the instrument. However, EUR/NOK is likely to retreat from the current level in the hours to come given a strong bearish sentiment on the SWFX—more than 80% of all orders are placed to sell the pair.
© Dukascopy Bank SA