EUR/NOK 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As a result of a decline and a subsequent stabilisation of the EUR/NOK currency pair, it managed to form a double bottom pattern on an hourly chart. Moreover, just recently the cross bounced back from the upper trend-line and is now on the way to form a triple bottom. Daily technical indicators are currently pointing to the downside, meaning that a downward tendency should persist at least during the next 24 hours. In the meantime, demand at 8.40 (weekly S1) will most probably attempt to stop the single currency from losing value. In case the support is found, the pair may return back above 8.50 in the medium-term. SWFX traders, from their side, are bullish in 54% of all cases right now.
© Dukascopy Bank SA
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