EUR/DKK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is depreciating against the Danish Krona in a channel down pattern, as the currency exchange rate trades between various Fibonacci retracements. The Fibonacci retracements connect the June low level of 0.7350 and the drastic July high of 7.4598. It seems that the retracements possess a large degree of influence on the currency pair, as there seems to be no other distinct pattern active at the moment, except the short term descending channel. Most recently the common European currency bounced off the pattern's upper trend line at 7.4420, which now is also strengthened by the first weekly support level of 7.4423. Moreover, the pair is oversold, as 73% of open positions are long.
© Dukascopy Bank SA
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