EUR/NOK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been gradually depreciating against the Norwegian Krone since June 19, when the pair met a resistance in face of  Jun 5 high at 8.8716. It led to emergence of the double top pattern, which may potentially develop into the rectangle in the long run, in case EUR/NOK continues respecting the boundaries of the pattern. In the short-term, a decline seems to be a more likely scenario, as the pair has just violated a bunch of supports around 8.77. The Euro is also expected to retreat, according to the near term technical indicators and 63% of SWFX traders. Meanwhile, daily studies suggest the common currency will rebound against the Krone in the next 24 hours.
© Dukascopy Bank SA
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