EUR/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been gradually declining against the Danish Krone since October 17. The pair formed a channel down pattern and now it trading within its boundaries being trapped by short and long term SMAs. 200-bar SMA is meandering above the pair, acting as a formidable resistance, whereas 50-bar SMA is lying below EUR/DKK, being a strong support. Market players are divided on the prospects of the pair, with proportion of long to short positions being 1:1. Meanwhile, technical indicators predict a weakness in the short and medium terms and a rebound in the long-term.
© Dukascopy Bank SA
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