EURDKK
EURDKK on a range trading 🦐EURDKK is moving in a range within a descending channel.
If the market will break below the support area we can set a nice short order according to Plancton's strategy.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The Danish government on culling minksThe pair will continue to move higher in the following days towards a major resistance line. Countries are isolating Denmark following reports that around 15,000 minks in the US have died due to COVID-19. Meanwhile, the Danish government proposed to cull 15 million minks in the country as fears of mutation worries the authorities. On Friday, November 06, the country was put in a lockdown. On the same day, the UK announced that it is shutting travels between the two (2) countries. As for Germany, the EU’s largest economy, economic recovery might take some time as the country entered a “light lockdown”. Unlike Denmark, however, restrictions in Germany were more modest to prevent the economy from further collapsing. Schools and restaurants in Germany are still open while Denmark totally shuts the economy down. Investors should also keep an eye on the Brexit negotiations and how it will impact its closest ally in the bloc, Denmark.
The eurozone lost 5.1 million jobs throughout the pandemicThe previous three months saw employment fall by 2.9 percent, and its official second-quarter GDP figure showed an 11.8 percent decline in the same period. These figures are prompted to push the euro lower against the Danish krone as its 50-day moving average continues to tumble lower than its 200-day moving average counterpart. The European Central Bank had also warned markets about its over inflation in the forex market, which could have been another major driver for its decrease against crown currencies. Consumer price inflation also went lower in August by 0.2 percent, down from the 0.4 increase the month prior. However, it looks like the descent won’t get far – Denmark just surpassed the number of coronavirus infections in the country over Sweden, which could prompt a longer-term weakness for its currency. In the near-term, the euro is projected to fall.
The eurozone lost 5.1 million jobs throughout the pandemicThe previous three months saw employment fall by 2.9 percent, and its official second-quarter GDP figure showed an 11.8 percent decline in the same period. These figures are prompted to push the euro lower against the Danish krone as its 50-day moving average continues to tumble lower than its 200-day moving average counterpart. The European Central Bank had also warned markets about its over inflation in the forex market, which could have been another major driver for its decrease against crown currencies. Consumer price inflation also went lower in August by 0.2 percent, down from the 0.4 increase the month prior. However, it looks like the descent won’t get far – Denmark just surpassed the number of coronavirus infections in the country over Sweden, which could prompt a longer-term weakness for its currency. In the near-term, the euro is projected to fall.
EURDKK Sell SignalPattern: Channel Down on 1D.
Signal: Sell as the price was rejected on the 1D MA50 (blue trend-line) after making a Lower High on the Channel Down. The MACD is starting to reverse.
Target: 7.43700 (-0.21% decline from the Lower High).
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EUR/DKK will continue its downward movement in the coming weeksThe pair will continue its downward movement in the coming weeks. Brussels unleashed data from several reports this week. On Tuesday, July 28, one of Europe’s most hard-hit countries of COVID-19 released its Q2 unemployment rate. The figure came in at 15.33%. On the following day, it posted its retail sales report with a figure of -4.7%. Today, July 30, Germany, the EU’s economic powerhouse, released key reports for the country’s economic health. Germany’s economy contracted in Q2 by -10.1%. Its unemployment rate was stagnant at 6.4%. Meanwhile, the EU’s rate for unemployment was recorded at 7.8%. These reports suggest the bettering economic performance of the European Union. Despite this, however, the optimistic outlook for Denmark’s economy will outshine all positive data from the EU. The European Economic Forecast report shows Denmark being the second-best economy in the European Union for the year 2020.
The Danish krone is currently flirting with an important supportThe Danish krone is currently flirting with an important support level for the EUR/DKK trading pair. It’s widely believed that the pair will go down to that lower support level by the latter part of the month as the Danish krone continues to appreciate. The pair is significantly bearish, considering that the 200-day moving average is significantly higher than the 50-day moving average. And looking at the performance of the euro, it looks like it’s starting to show signs of exhaustion against the Danish krone. Bullish investors of the pair continuously struggle to buoy the exchange rate and every time the pair goes up, the Danish krone immediately regains those gains. Bearish investors are supported by the reopening of the Danish economy. In Denmark, the authorities plan to lift the set limit on public gathers to about 50 to 100 people by next month. Then to around 200 people by August as it gradually eases the pressure from the economy.
ECB willingness to shift into easing mode again will be testedSoft 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
EURDKK: Rising Wedge targeting 7.46300.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.
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Channel Up on 1D. Long.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.
Hitting Resistance That Is Over A Decade OldEURDKK 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 coming weeks. It could be big trade if it reverses upwards. Which it eventually will. It's rare seeing a pair close to such a strong resistance.