EUR/DKK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/DKK slipped beneath the two-year low of 7.4332 over the last couple of days, stepping into dangerous territory for bears. The area was tested in December 2016 before and could need a retracement to continue the downfall. The hourly chart, however, shows a channel down pattern, which held strong until now, when highs became lower and a falling wedge spilled some bullish potential into the motion. The pair is currently testing the upper boundary at 7.4333 and will most likely break it to set the 7.4337 area, representing the upper trend-line of the channel, as its next target. Immediate resistance above the trend-line of the wedge lies at 7.4334/35 where a set of indicators cluster.
© Dukascopy Bank SA
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