EUR/DKK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The channel down pattern formed by EUR/DKK pushed the pair below its short-and long-term SMAs to trade near the four-hour support line at 7.4584. Despite signs that a further decline is highly possible, traders are optimistic about the pair. The SWFX data shows 60% of market participants are bullish on EUR/DKK. To confirm the bullish outlook, the currency couple has to jump from the four-hour support region at 7.458 (four-hour S3) to attempt to surpass the level of 7.4585 that now acts as a strong resistance. After that the pair may try to approach its daily pivot point at 7.4587 that is likely to give EUR/DKK an impulse for further appreciation.
© Dukascopy Bank SA
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