EUR/NOK 4H Chart: Channel Down

After toping out at 8.5481 on Dec 12, EUR/NOK has been consistently trading in a down-trend, resulting in appearance of two parallel down-trends that are expected to guide the currency pair further south. Right now EUR/NOK is fluctuating just above the support created by the weekly PP, meaning the price may rise from here. However, the upside will be limited by the falling line at 8.4234. Additional resistance will also be provided by the 200-period SMA and the weekly R1. This supply should be sufficient to negate any upward momentum and force the sell-off to persist until the price falls down to 8.2884, namely the lower boundary of the channel down pattern.