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.
These two facts combined indicate that in the near future the pair is set to break out from this stalemate.
However, due to the existence of a medium term channel down pattern, the breaking out to the downside is more favorable.
Meanwhile, take into account that the currency exchange rate is also facing the support of the weekly PP and the 55-period SMA.
These two facts combined indicate that in the near future the pair is set to break out from this stalemate.
However, due to the existence of a medium term channel down pattern, the breaking out to the downside is more favorable.