EUR/DKK 1D Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been trading around it's 200-day SMA since the February, 2013. Before that we can see a 350 pip rally in the course of a half a year or so. It seem that Fibonacci retracements of this move still have noticeable impact on the pair—38.2% retracement is where the pair tested pattern's resistance for the first time and kept it supported for the next 2 months or so and 23.6% seems to be keeping the pair supported in the past month. Short term technicals give almost unanimous signal abut a sell off of the pair while medium and long term technicals point at appreciation of the pair. It suggest that we should see a dip below the pattern's boundaries and a pullback after that.

© Dukascopy Bank SA
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