EUR/DKK 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although one of the most volatile pairs, EUR/DKK, was capable of following a pronounced trend for a couple of months-the pair shaped an ascending triangle pattern, it did not manage to refrain from suddenly changing its direction by breaching the pattern's boundaries. Recently it has exited the triangle and now it is locked between two SMAs. The 50-bar SMA at 7.4623 is meandering above the currency couple thus preventing the a return to the triangle area, while the 200-bar SMA is acting as a strong support, helping the pair to remain above 7.4619. Technical indicators are sending mixed signals, adding to uncertainty of the pair's moves in the hours to come.
© Dukascopy Bank SA
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