EUR/DKK 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 284-bar long rising wedge pattern shaped by EUR/DKK was started on November 18. Being trapped by two gradually converging lines, the currency pair was unable to perform large fluctuations and was vacillating near its short- and long-term SMAs. Currently, the pair is trading above both SMAs, albeit slightly; the 50-hour SMA is sticking to the pattern's support and coupled with the 200-hour SMA acts as a strong support level sitting at 7.4599/5. Meanwhile, market players are mostly bullish on the EUR/DKK; 60% of all orders are placed to buy the pair, according to the SWFX data.
© Dukascopy Bank SA
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