EUR/DKK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being that the Denmark Krona is pegged to the single European currency, EUR/DKK is not a volatile pair. Nevertheless, looking at the last 150 bars there is a persisting pattern, namely depreciation of the base currency relative to the quote currency. This pattern implies there is a strong resistance area at 7.4600/7.4595 (apart from the down-trend line there is also the 200-hour SMA) and at the same time there is a tough support zone at 7.4581 (where the lower boundary of the channel merges with the daily S2). However, the technical indicators are bullish and SWFX sentiment index reveals that most of traders expect the exchange rate to rally.
© Dukascopy Bank SA
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