EUR/NOK has recently completed the high Quality Descending Triangle chart pattern identified by Autochartist on the 240- minute charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the average Initial Trend (rated at the 5 bar level) and near maximum Uniformity and Clarity (both rated at the 9 bar level). This chart pattern continues the prevailing downtrend visible on the daily and the weekly EUR/NOK charts. Both of the connecting points of the upper resistance trendline of this chart pattern (points A and B on the chart below) formed when the pair failed to break up above the strong resistance at 7.6700 (former strong support, which had been reversing downward price impulse of this currency pair for the last few months, as is shown on the second chart below). The pair is expected to decline further toward the Forecast Price 7.6111.
The following weekly EUR/NOK chart shows previous price action close to the major price level 7.6700:
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Daily Forex Update: EUR/NOK
Published 02/06/2012, 07:59 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: EUR/NOK
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