EUR/NOK 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As it was predicted last week, EUR/NOK moved back into Double top pattern's boundaries and even formed a Rectangle pattern. Actually it is a bullish rectangle to be more precise, which is defined by two parallel trend lines which represent support and resistance levels respectively. After an uptrend, the price stops to consolidate for a moment. After the break of the upper trend line a trader has an opportunity of buying. Even though the pair may turned lower in the nearest future, as the market sentiment is bearish (75%), in a longer term the appreciation of the pair is expected.
© Dukascopy Bank SA
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