More Norwegian strenght (NOK) against Euro (EUR)?

After the sharp drop last week, the retracement/pullback has been rather weak in EURNOK. After todays run-up, we have now retraced only 23.6%. Furthermore, we have a possible bear-flag under development in 4H timechart. If we break this flag, we should see 8.10 as a possible stop before heading even lower end of 2014 (maybe below 8.00).

Time will show!