EUR/NOK 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare, but possibly profitable, double top was formed by EUR/NOK. Several days ago the pair tried to penetrate the support line, however, bears were not strong enough. At the moment of writing, 73% of all opened positions were short, suggesting the price may turned lower and reach the lower trend line once again. In case of a downside breakout, lower prices and a surge in trading volumes can be expected, therefore the pair can be profitable for trade. As an alternative scenario, price may bounce back and the pair may even form a rectangle pattern, indicating a sideways movement.
© Dukascopy Bank SA
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Fri, 12 Jul 2013 14:16:09 GMT

EUR/JPY 4H Chart: Channel Down

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Fri, 12 Jul 2013 08:22:04 GMT

AUD/USD 4H Chart: Channel Down

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