EUR/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a short pause that the pair has made when hovering close to the upper trend-line of the bearish pattern, it is finally starting to move away from it. Moreover, just recently bears have managed to breach a support line represented by the weekly pivot point at 9.1173 and strengthened by a number of SMAs.
Nevertheless, aggregate outlook for EUR/NOK cross seems to be mixed. While technical indicators on short and long-term timeframes are giving neutral signals, medium-term ones are bullish at the moment. However, more than 67% of all market participants are now holding short positions on the Euro, assuming it will  decline further. 

© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.