EUR/NOK 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early February, EUR/NOK has been in a pronounced down-trend; however, only on February 20 the pair embarked on a formation of a descending triangle pattern.
Currently, the pair is unremittingly nearing the apex, with trend-lines converging in a few days, on March 3. Given the overall bearish tendency as well as technical data suggesting a decline in the hours to come, the likelihood of a bearish breakout seems high. Absence of any important hindrances for a drop also adds to the bearish scenario. In fact, only level of 8.2775/55 (four-hour S2, S3) lies on the way towards the pattern's support sitting at 8.2618.
© Dukascopy Bank SA
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