EUR/DKK 1H Chart: Falling wedge pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Wed, 13 May 2020 11:45:12 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The EUR/DKK currency pair has been trading within a falling wedge pattern since the end of March.  

From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given pattern until the middle of June. Then, a breakout north is likely to follow. 

However, note that the currency pair is pressured the 55-, 100– and 200-hour moving averages. Thus, a breakout south from the pattern could occur within the following trading sessions. In this case the pair could gain support from the Fibo 61.80% at 7.4485.


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