EUR/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been consistently underperforming the Norwegian Krone lately. Accordingly, EUR/NOK has formed a bearish channel, and the bias therefore is negative, especially since the currency pair is now trading right beneath the resistance trend-line. However, we should note that the upside risks are increasing, being that the price remains unable to break support at 8.3252. Once the April low is overcome, we will be looking at 8.08 as the next target. On the other hand, a close above 8.4129 will not invalidate the bearish outlook, since there still will be a dense supply area around 8.53, where the weekly R1 merges with the monthly PP, 200-period SMA, and also Apr 23 high.
© Dukascopy Bank SA
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