EUR/DKK 1H Chart: Rectangle

For 200 hours already EUR/DKK has been consolidating between two horizontal lines, the ones that are found at 7.4569 and 7.4541. They are also reinforced by the four-hour R3 and daily S1 respectively.

In the short run the currency pair is supposed to grind lower, as suggested by the hourly indicators. Beyond that the outlook is rather unclear. Still, considering the cycles exhibited by the pair previously and the fact that the price is beneath the 200-hour SMA, there is a significant chance the single European currency is going to underperform against its counterpart from Denmark.