EUR/NOK 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NOK appears to be forming another symmetrical triangle pattern after breaking the original bottom trend-line and failing to extend the weakness. The pair is approaching 9.0893, the alternative triangle resistance on its latest wave north, which would break the upper trend-line around 9.0710. Led by the broken bottom trend-line, 9.0534 is the next obstacle on the pair's way on the upside, however, we lean is favour of a bearish continuation of the general trend. Currently facing the 9.0392/0375 area, the rate will target 9.0218, the bottom trend-line of the triangle, strengthened by the bottom Bollinger Band. We look for further weakness to extend into the 8.9939 area, shifting more risk to 8.9814.
© Dukascopy Bank SA
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