EUR/DKK 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The high-quality descending triangle pattern of the EUR/DKK currency pair is approaching the final stage of its development. As soon as in couple of upcoming hours the single currency will break one of the trend-lines. Technical studies assume bearish scenario for the currency cross on medium-term time-frame, while other ones are mostly neutral. Still, before commencing the break-out to the south, the pair has to cross an important support level around 7.4440 (100 and 55-period SMAs; weekly S1), while way to the upside remains open. SWFX traders, in turn, believe in positive development of the Euro, as 74% of all positions are long for the time being.
© Dukascopy Bank SA
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