EUR/DKK 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A slump to more than a one-month low of 7.4582 in early January incited a sharp appreciation of the Euro versus the Danish Krone. The climb lasted until the pair hit a one-year high of 7.4632 in mid-January. In fact, the pair attempted to escalate to this peak one more time; however, the endeavour proved to be unsuccessful.
The above-mentioned moves represent a double top pattern and given the pair's proximity to the pattern's neck-line, the likelihood of the bearish breakout followed by the accelerating tumble seems to be high.
© Dukascopy Bank SA
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