EURDKK trade ideas
EURDKK - Bearish Rectangle.EURDKK has formed Bearish Rectangle pattern. Entry price, Stop Loss and TP'S have been marked.
EURDKK - Non TrendingEURDKK Non Trending price pattern. Stop Loss and Sell stop have been placed with the Help of Support and Resistance.
This Week I'll do nothing!This is 1 of 2 of my ideas for this week but I will be folding my hands because my trading style requires atleast 3 trades.
Not so convincing! But LongOverall Average Signal from all our indicators suggests a Long. Entry is at market open and exit is shortly before market close or whenever you are okay with profits. You should be careful with this one.
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.
EUR/DKK LongOnce the price will break the resistance and retest it, we can look for a long position.
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.
EURDKK near resistanceEURDKK 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
EURDKK Buy SignalPattern: Channel Up on 1D.
Signal: Bullish if the price approaches the 7.46740 Support.
Target: 7.4700 (4H Resistance).
