EUR/NOK 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK eventually broke the chains represented by a 363-bar long falling wedge pattern. The breakout happened several hours earlier but a massive sell-off is still likely to lie ahead.
After penetrating the lower limit of the pattern, the pair found support at a six-month low of 8.1468 that postponed a further drop. However, this line is expected to be breached before long-over 84% of players at the SWFX are bearish on the pair, meaning that an accelerating decline may be looming. Technical data also bolsters traders' view, pointing to a weakness in the short-term.
© Dukascopy Bank SA
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