EUR/NOK 1H Chart: Triple Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp drop of the Euro against the Norwegian Krona two weeks ago, the currency pair formed a rare triple bottom pattern. A development, in turn, followed a period of strong fluctuations of the cross since February 18. This pattern is expected to be confirmed, when the pair crosses the highest peak between the valleys, while at the moment EUR/NOK is already approaching this resistance level at 8.6554. This line, however, is strengthened by daily and weekly R1, which are intended to push the Euro back to the south. Technical indicators prefer a long-term bearish case as well. SWFX market participants, however, are bullish on the pair in 54% of all cases.
© Dukascopy Bank SA
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