EUR/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK has been broadly respecting two downward-sloping trend-lines since Wednesday of the previous week. However, the 19-nation currency is expected to bounce off the lower edge of the pattern soon, being reinforced by weekly S1 and daily S2 at 9.1457 and 9.1093, respectively. However, bulls are likely to face growth issues in the longer-term, as technical factors are still indicating a decline of the pair. Among them, 55-hour SMA crossed 100-hour SMA yesterday, underlying that positive momentum is fading. In addition to that, technical indicators have no signs of optimism, while 66% of SWFX traders are keeping short open positions in the market.

© Dukascopy Bank SA
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