EUR/NOK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although at first EUR/NOK seemed to be trading within the boundaries of a falling wedge and even broke out of the pattern to the upside on Feb 11, the recovery was not sustained. As a result, the currency pair now appears to be forming a bearish channel. The immediate support is at 8.54, represented by the Feb 11 low and weekly S1, but the sell-off is likely to extend lower, down to 8.50, where the lower trend-line of the channel is reinforced by the monthly S1 level. There we can expect the bulls to gain control of the market, but only temporarily, until the exchange rate reaches the upper trend-line of the channel, which at the moment can be found at 8.70.
© Dukascopy Bank SA
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