29 Oct 2016
EUR/NOK is staging a throwback
The EUR/NOK pair pulled off a big reversal on the daily chart and formed a bullish engulfing pattern.
With yesterday's close above the previous day's bearish candlestick body, the reversal pattern buttresses a perspective that an ascending orientation can remain.
On the technical front, the MACD oscillator is printing higher lows while still tracking below its median line. This is indicative of an dwindling upward momentum and may lead to price-indicator divergences.
With yesterday's close above the previous day's bearish candlestick body, the reversal pattern buttresses a perspective that an ascending orientation can remain.
On the technical front, the MACD oscillator is printing higher lows while still tracking below its median line. This is indicative of an dwindling upward momentum and may lead to price-indicator divergences.