EUR/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although EUR/NOK has been trapped by two upward sloping lines for more than two months, the pair has been trading within a very wide corridor that allowed EUR/NOK to make large swings during this period. At the moment of writing, the pair came off more than a one-year high and approached the lower boundary of the 415-bar long pattern that with the help of 50-hour SMA has been preventing the breakout for almost 20 hours. However, the pair unremittingly tries to breach this limit, a dive below which may lead to an accelerating decline. Market players support this view; 73.91% of traders are bearish of the pair.
© Dukascopy Bank SA
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