EUR/DKK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early January the common currency has been appreciating against the Danish Krone; however a formation of the channel up pattern started only on January 7 when the pair managed to consolidate above its 50-hour SMA that since then has been stuck to the lower limit of the pattern.
Now the pair is approaching the pattern's support as it was forced to succumb to heavy selling pressure after hitting almost a five-year high of 7.4632 on January 13. However, the weakness may be short-lived as 80% of market participants are bullish on the pair.
© Dukascopy Bank SA
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