EUR/DKK 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 181-bar long triangle pattern shaped by EUR/DKK originated close to a three-year high of 7.4690 reached early April.
Since entering the pattern, the pair has been persistently attempting to exit the formation. One of these attempts we may see at the moment – eight hours earlier EUR/DKK jumped above the triangle's upper limit that was also supported by 50-bar SMA and daily and four-hour pivot points at 7.4638/40. However, this breakout is likely to be false considering that the pair will reach the apex only in mid-June. Technical data also supports this opinion, signalling a possible decline in the medium-term.
© Dukascopy Bank SA
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