DKKEUR finds buyers again around 0.13439
Danish Krone/Euro (DKKEUR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
DKKEUR ended Wednesday at 0.13440 flat. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DKKEUR as at Sep 16, 2020):
Wednesday's trading range has been 4 pips (0.03%), that's below the last trading month's daily average range of 5 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DKKEUR. Prices continued to consolidate within a tight trading range between 0.13438 and 0.13443 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Gravestone Doji which is known as bearish pattern and one neutral pattern, the Doji.
Prices are trading close to the key technical support level at 0.13437 (S1). After having been unable to move lower than 0.13439 in the previous session, the FX pair found buyers again around the same price level today at 0.13439. The last time this happened on August 31st, DKKEUR actually lost -0.01% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 0.13444 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 0.13438 where further sell stops might get triggered. As prices are trading close to September's high at 0.13444, upside momentum could accelerate should the forex pair mark new highs for the month. As prices are trading close to September's low at 0.13432, downside momentum might speed up should DKK/EUR mark new lows for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for DKK/EUR. Out of 916 times, DKKEUR closed lower 41.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 47.49% with an average market move of -0.00%.