EUR/NOK 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK has been in the down-trend since early February when it re-approached a two-year high of 8.5492. One of the formations developed during this slide is a 98-bar long triangle pattern started in the beginning of May.
The pair has recently reached the apex but the breakout is yet to come. Bearish market sentiment – 83% of traders hold short positions - as well as the fact that the currency couple is trading slightly below the lower boundary of the pattern signal that we may witness an accelerating depreciation of the pair in the following hours.
© Dukascopy Bank SA
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