EUR/DKK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency will soon approach the upper boundary of the channel down pattern. The pair has been rebounding since May 26, when it neared the lower trend-line and gained strong bullish momentum. At the same time, EUR/DKK may also feel some downward pressure created by the monthly pivot point and 200-period SMA around 7.4610. Technical indicators on a daily time frame assume that a U-turn is possible in the medium-term. However, on a weekly basis the Euro is expected to rally, and the upper edge remains the main target for bulls. Despite that, market sentiment is overwhelmingly bearish (73%) at the moment.
© Dukascopy Bank SA
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