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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