EUR/DKK 1D Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been narrowing it's trading range since the end of January, when it reached 2013 high at 7.4642. Prior to that we can see a 7 month long, 340 pip rally. Despite that, effect of the Fibonacci retracements, if there was one, is negligible at the moment. At the moment pair is moving towards the pattern's support after testing pattern's resistance twice in the past month. As shown by the short term technicals we should observe further weakness from the pair until it hits 200-day SMA. Looking in to the medium and long term technicals, we expect that the pair will receive a bullish impetus from it and that would force it to advance thought he patterns resistance.

© Dukascopy Bank SA
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