EUR/NOK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: TI1
© Dukascopy Bank SA
A 113-bar long channel down was formed by EUR/NOK on July 5, and the pattern is likely to be completed soon, as the price is trading close to the resistance line for some time. Usually, it would be a "sell" signals, however, the majority of aggregate technical indicators are pointing at the penetration of the upper trend line. Moreover, trading volume is decreasing– another sign of possible breakout. However, market sentiment is bearish (72%), therefore, the price may hover around current level for some time. Nevertheless, the medium and long-term outlook remains bullish.
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Tue, 06 Aug 2013 06:37:07 GMT

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