EUR/NOK 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
More than a one-month decline by EUR/NOK has become a part of the 106-bar long double bottom pattern. During the period of its weakness, the pair twice touched the mark of 8.0899, a six-month low. The second stab to this level provoked a jump that took EUR/NOK to the neck-line at 8.1781. For the last 20 hours, the pair has been struggling at this formidable resistance but up to now the breakout has not happened. Meanwhile, market sentiment is neutral, while technical data somehow confirms that the breakout is possible by sending a clear ‘buy' signal in the short-term.
© Dukascopy Bank SA
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