EUR/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending channel, which can be observed on the EUR/NOK currency exchange rate, is an exceptional case of a strong decline. Patterns with such short range never last this long, as the descending channel consists of 80 candles. However, it seems that it is coming to its end. The currency exchange rate has been in a large scale descending channel for the whole year of 2016, and that pattern is most likely not going to be broken. The short term descending channel is approaching the dominant channel's lower trend line, and it is most likely going to reach it during next week. That will occur between the 8.81 and 8.82 levels. Afterwards, a surge is most likely expected to occur.
© Dukascopy Bank SA
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