EUR/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been losing ground against the Norwegian Krone for around a week. While moving in the southern direction, EUR/NOK shaped a 141-bar long channel down pattern, inside which it is trading now and is likely to remain the foreseeable future. This is propped up by a strong bearish bias on the SWFX – over 90% of market participants hold short positions. If these expectations materialize, the pair may retreat from the 50-hour SMA at 8.3443, the formidability of which was confirmed by the fact EUR/NOK has been unable to surpass this mark for several hours thus being forced to halt the winning streak it started after a plunge to a one-month low of 8.3187.
© Dukascopy Bank SA
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