EUR/DKK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in a medium term descending channel against the Danish Krona. However, the currency exchange rate is simultaneously trading in two descending channels, as on a larger scale the pair is also moving south. Recently the currency pair hit the larger pattern's lower trend line and began a rebound. Although, it has to be noted that the medium pattern is about to end, as it represented the rates bounce off from the 200-period SMA and the following fall to the before mentioned trend line. In addition, traders are advised to take into account the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. Meanwhile, the rate is already overbought, as 73.58% of SWFX trader positions were long on Tuesday.
© Dukascopy Bank SA
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