EUR/DKK 1H Chart: Two scenarios likely

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Sell Neutral
Stochastic (5; 3) Neutral Sell Sell
ADX (14) Buy Buy Sell
CCI (14) Neutral Sell Sell
AROON (14) Buy Buy Buy

The Euro has been appreciating against the Danish Krone within the rising wedge pattern since the end of September. As apparent on the chart, the EUR/USD currency pair exceeded the psychological level at 7.4700.

From a theoretical perspective, it is likely that a breakout south could occur within the following trading sessions. A possible downside target is the Fibonacci 23.60% retracement at 7.4640.

However, note that the exchange rate is supported by the 55-, 100- and 200-hour moving averages, currently located in the 7.4716/7.4722 range. Thus, some upside potential could prevail in the market.


Comments are closed.