EUR/DKK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following several alterations of established channel trend-lines, EUR/DKK found some upward sloping bounds in the last few trading sessions. The bottom boundary is strengthened by the 55-hour SMA and was just repeatedly tested instead of the upper one as it was expected. We will now look for a surge towards the top trend-line at 7.4392 with a single obstacle of 7.4382 on the way. SMA pressures from below should help elevate the pair to reach for the area it failed to test on the previous wave north. The areas about to be tested are the highest ones in a two-month period and lie inside of an Ichimoku cloud on the daily chart, which means that the small-scale surge inside of the channel could be short-lived and could ultimately be part of a large-scale ranging motion.
© Dukascopy Bank SA
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