EUR/NOK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Norwegian krona currency pair is now checking the strength of lower boundary of the bullish channel, which is going to determine the pair's future development. If the testing is successful, then we can expect the single currency to decline down to monthly pivot point at 8.3613 in the long-term. In case of failure, the pair will be set for a jump up to weekly pivot point at 8.5364. Technical indicators tend to believe in the first scenario, as five out of eight four-hour studies give bearish signals, while in the medium-term the cross may recover, as suggested by daily studies. Meanwhile, 70% of market participants hold short positions, waiting for the Euro to lose value.
© Dukascopy Bank SA
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