EUR/NOK 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from April 14, the Euro/Krone currency pair has been forming a triangle pattern, where 8.48 is still acting as a major resistance line. Both lower and upper pattern's boundaries currently remain intact. However, judging from the current location of main technical levels, the pair is more likely to continue with downward movement. Substantial bearish pressure should be created by the weekly pivot point and 200-hour SMA around 8.47. In case the lower trend-line is breached, as assumed by daily technical indicators, the pair should drop below 8.38 (daily S3) to fully confirm the bearish forecast. Meanwhile, 60% of SWFX market participants are holding short positions on the Euro.
© Dukascopy Bank SA
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