EUR/NOK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the title states that there is an ascending channel pattern, which guides the currency exchange rate, the common European currency is showing signs of an upcoming depreciation against the Norwegian Krona. The reason for that is that the pair has hit the upper trend line of the most dominant descending channel pattern. Due to that the medium term channel down and short term channel up patterns are set to be broken soon. However, it is most likely that the currency exchange rate will still find support in the lower trend line of the short term channel, which will result in a short lived rebound. The short term rebound will then likely reveal the borders of a newly formed pattern.
© Dukascopy Bank SA
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