EUR/DKK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A plunge of the single currency versus the Danish Krone started on December 24 when the pair re-approached a multiple-month high of 7.4621. Throughout its retreat EUR/DKK tried to penetrate the lower limit of the channel down pattern, within which it performed a decline, for three times but all attempts proved to be unsuccessful. At the moment of writing, the pair was trapped by its 50-and 200-hour SMAs, with the 200-hour SMA acting as a formidable resistance and the 50-hour SMA representing a hindrance for any bearish moves.
© Dukascopy Bank SA
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