EUR/DKK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
By testing the lower trend-line of the pattern, the EUR/DKK currency pair has a good chance of confirming the bullish pattern and ending the period of growth that took place since January. In the meantime, the Euro has been losing ground against the Danish Krone in course of past three weeks. The bearish outlook for the pair will be confirmed, when it consolidates below 7.46 and nears the monthly S1 at 7.4550. Following that, the pair is likely to target the next monthly support as low as 7.4379. The negative scenario is broadly supported by short-term technical indicators. Moreover, 71% of all opened trades are bearish on the single currency against the Krone at the moment.
© Dukascopy Bank SA
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