EUR/NOK 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The appreciation of the single currency against the Norwegian Krone started on November 7 when a drop to a six-week high marked the beginning of the double top pattern. After that, the pair was rallying until it reached more than a one-year high that was the peak of the pattern attained for two times already, suggesting that the currency couple has recently entered the most bearish phase of pattern. Now we may expect EUR/NOK to fall below the support line sitting at its 50-hour SMA that will open the way to a dive to the pattern's support, the last defence against an accelerating decline.
© Dukascopy Bank SA
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