EUR/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early March the single European currency has been outperforming the Norwegian Krone, hinting at a possibility that EUR/CAD could be trading within the boundaries of the bullish channel. However, while the lower trend-line did prove to be important for the market, the upper trend-line remains a wild card, having only a few confirmations during the last 300 hours. But this may become irrelevant, if the support at 8.3395 is breached, as this event will invalidate the pattern and imply extension of the decline that was supposed to be a bearish correction within an upward-sloping corridor. The weekly S1 at 8.2793 in this case is likely to become the next target of the sell-off.

© Dukascopy Bank SA
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