EUR/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a short pause that the pair has made when hovering close to the upper trend-line of the bearish pattern, it is finally starting to move away from it. Moreover, just recently bears have managed to breach a support line represented by the weekly pivot point at 9.1173 and strengthened by a number of SMAs.
Nevertheless, aggregate outlook for EUR/NOK cross seems to be mixed. While technical indicators on short and long-term timeframes are giving neutral signals, medium-term ones are bullish at the moment. However, more than 67% of all market participants are now holding short positions on the Euro, assuming it will  decline further. 

© Dukascopy Bank SA
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