EUR/NOK 4H Chart: Channel Down

This cross is also likely to face losses, but within the channel down the likelihood of such a move is much higher. EUR/NOK has already met the 200-period SMA, currently at 9.36, which is boosted by the last weekly resistance of the May 2-6 period. They both are followed by the pattern's upper boundary at 9.3820, meaning  at least for now the bullish success is hardly achievable. On top of that, weekly technical indicators are still suggesting that the Euro should be a subject to extra weakness until Friday of this week. To affirm strength on the bearish side, the pair has to fall beyond the monthly pivot point of 9.30. Nonetheless, in case there is a rally, the Euro should watch the April high at 9.5138.