EURDKK near support.
Selling until the descending baseline, while carefully placing a SL above the nearest high.
Bias will be bullish if it breaks above this 4-month-old resistance.
TP = 7.46776
SL = 7.47533
Soft macro data from France continues...
Markets are likely to want to test ECB willingness to shift into easing mode again so the downside risks for 1.09 remain in play for EURUSD. This will carry the rest of the EUR board.
A quick move in play here to kill the week off as we start the initial stages of a test in the lows at 0.745.
Best of luck all
The pair is trading on a 1D Rising Wedge evident on the mix of neutral (RSI = 48.902, CCI = -27.6714, Highs/Lows = 0.0000) and bullish (STOCH = 57.149, Willams = -42.264, Ultimate Oscillator = 53.080) indicators. This indicates a bullish price action but on a narrow space. Long, TP = 7.46300.
** If you like our free content follow our profile...
EURDKK is trading within a 1D Channel Up (RSI = 63.378) and the neutral Highs/Lows = 0, MACD = 0.002, B/BP = 0.0036, indicate that pricing a Higher Low is near. The larger setting is also a 1W Channel Up (RSI = 62.486) so if the pair breaks 7.45720, the downside is still limited to a 7.4540 Higher Low. We are long with TP = 7.462 and 7.4640.
The common European currency has met with the resistance of a medium term pattern against the Danish Krona. Moreover, the resistance line is strengthened by the 100 and 200-period simple moving averages and the monthly S1.
Meanwhile, take into account that the currency exchange rate is also facing the support of the weekly PP and the 55-period SMA.
I don't trade this pair, but it provides a good opportunity to show how one would trade a gap since it made an extreme extension. Basically marking the highest or lowest point and switching from candlesticks to line you would see a big gap. The market normally retraces the entire length of the gap before continuing in the direction it was heading. So you would...
EURDKK is at a magical spot currently. The resistance, its near now, have been tested many times. Currently you see the 5 times it's been tested since '11, but if you look further back, on the weekly, you will see it was also was tested in 2004, and again further back in the 90's. I'm not rushing to get into this pair - but it's definitely on my radar the next...