EUR/NOK 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the overall trading range of the pair is only amounting to 600 pips, which is unusually low for EUR/NOK, it managed to form a double bottom pattern on Jan 30. Moreover, the single currency is still hovering inside its boundaries around the daily PP at 8.6374. According to technical indicators on a short-term time-frame, the cross is assumed to gain value and recover slightly. However, SWFX market participants are increasingly bearish on the common European currency, namely in 58% of all cases. Besides that, from the north the pair is currently capped by a cluster of resistance lines (weekly S1; daily R1); therefore, the long-term outlook for this pair tends to stay pessimistic.
© Dukascopy Bank SA
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