EUR/DKK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In our previous reports on the EUR/DKK cross we have been mentioning a successful rebound of Euro on a 4H chart. However, right now it seems that the pair is being capped by the 200-period SMA and monthly pivot point at 7.4608/14. This resistance has been limiting the pair's gains for the past five trading days. According to the daily technical indicators, all attempts to breach this supply are probably going to fail and the Euro may resume losing value, even before touching the upper boundary of the pattern, currently at 7.4625. Meanwhile, the majority of SWFX market participants are also suggesting the Euro is losing steam, while bearish (75%) advantage over bulls (25%) remains substantial.
© Dukascopy Bank SA
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