EUR/NOK 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair  is posing for a  3000 pip sell off. It is the main presumption behind the Double Top patterns—pair fails to reach new high and gradually return to the prepattern levels. To be fair we have to admit that pair has been showing some bullishness, but we would like to pin it on the 20-day SMA. We are more worried about the aggregate bullish signal from the medium term technicals, which suggest that  the pair could bounce from the pattern's support. This could lead to the formation of a Rectangle pattern, but it is a bit to early to talk about that. Short term technicals, however, indicate the pair's propensity to fall lower.

© Dukascopy Bank SA
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