EUR/DKK 1D Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been narrowing it's trading range since the end of January, when it reached 2013 high at 7.4642. Prior to that we can see a 7 month long, 340 pip rally. Despite that, effect of the Fibonacci retracements, if there was one, is negligible at the moment. Pair has been trading in a 60 pip range for the past 3 months and at the moment seems to be moving towards the pattern's support after it touched pattern's resistance in the first week of October. Despite the neutrality from various individual indicators, on aggregate they point at appreciation of the pair. Taking in mind the proximity of the 100 and 200-day SMAs this scenario seems very likely.

© Dukascopy Bank SA
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