EUR/DKK 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to the previously discussed USD/CAD currency cross, the Euro/Danish Krona pair is hovering around the lower boundary of the symmetrical triangle pattern at 7.4441. However, a couple of hours ago the single currency has crossed the mentioned level, showing some willingness to start a decline. The idea is shared by SWFX traders, as more than 73% of all opened positions on the pair are short. Technical indicators, in turn, send neutral or mild bearish signals at the moment. On the other hand, if the Euro manages to close above the daily pivot point at 7.4444, we can expect a gradual filling of the triangle pattern, until the eventual break-out occurs in any direction.
© Dukascopy Bank SA
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