EUR/NOK 1D Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given that EUR/NOK is currently forming a double top pattern, there is a high possibility of a strong sell-off once the currency pair passes the neck-line at 8.08. And although we did not see any considerable increases in volume after the price approached the peaks (around 8.57) and declined, which would serve as an evidence in favour of weakening demand, the dip may ultimately extend down to the 2012 Aug 10 low at 7.2514. But there will also be more conservative intermediate targets, such as the 2013 Jul 23 low at 7.7629 and 2013 May 21 low at 7.4642. However, we should notice that the weekly and especially the monthly studies are against such a scenario.
© Dukascopy Bank SA
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