EUR/NOK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a major support level for EUR/NOK currency pair. It is located around 8.10 and it is represented by a recent low. When having a look at the longer-term perspective, the pair has been struggling to move above or below this level for several times in the recent months, meaning it is a major pivot level for EUR/NOK. Despite a recent rebound from the support line, the outlook is still bearish, as market sentiment is slightly bearish, while technicals on the 4H and daily chart are sending ‘sell' signals. It is hard to say how deep the decline will be, as before hitting another crucial support at 8.0119, bears will only have to penetrate weekly S2 and S3.
© Dukascopy Bank SA
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