EUR/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Risks remained skewed to the downside for EUR/NOK after the pair managed to break the support of the trading range the pair had respected for a while and went on to sketch a channel down pattern below the significant 8.9300 level. The rate is currently attempting to distance itself from the upper boundary of the pattern and has entered a cloud with a strong cluster just below at 8.8209 and will ultimately direct supply towards 8.7700, the bottom trend-line. Demand at 8.8176, 8.8138 and 8.8020 will cause some hitches and might steal some momentum, which would then lead to a more flattish motion.
© Dukascopy Bank SA
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