EUR/DKK 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/DKK extended what appears to be an ascending triangle turned rectangle, after the bottom trend-line was broken to sketch a new one at 7.4386 as result of a failed retracement. We expect the pair to maintain the motion north, but the 7.4403/06 area is likely to put up a battle, stealing some of the built up bullish momentum. The current tests of the broken trend-line of the ascending triangle will likely give a push to help EUR/DKK fight 7.4398, the 55-hour SMA. In case, however, the rate takes a short-term dip, 7.4386 will limit movements underneath. An overwhelming majority (72%) of long positions could do exactly that, causing supply pressures to increase due to the pair being overbought.
© Dukascopy Bank SA
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