EUR/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro entered a new channel down pattern on May 25 against the Norwegian Krona. The currency pair was in a channel down patter for a long time on a larger scale. However, there was an upward trend from the middle of April to the start of the most recent pattern, which continues previous depreciation trend. The current channel's trend lines have been confirmed two times, with the upper trend line about to be confirmed third time, if the pair continues depreciating further on Monday. The upper trend line is supported by the monthly pivot point at 9.3139, and on its way down the currency exchange rate faces all of the SMAs, the weekly PP and S1 at 9.2790 and 9.2371 respectively and the monthly S1 at 9.2281.
© Dukascopy Bank SA
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