Yesterday’s trade saw EUR/DKK within the range of 7.4373-7.4520. The pair closed at 7.4436, losing 0.02% on a daily basis.
At 6:44 GMT today EUR/DKK was up 0.01% for the day to trade at 7.4439, which is also the current daily high.
Fundamental view
Denmark
Denmarks annualized industrial production probably expanded 2.02% in August, according to the median forecast by experts, following a 6.49% drop in July, as the latter has been the most considerable annual decline since August 2013. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining and utilities. In case industrial output expanded more than anticipated, this would have a bullish effect on the local currency. Statistics Denmark will release the official industrial data at 7:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 7.4443. In case EUR/DKK manages to breach the first resistance level at 7.4513, it will probably continue up to test 7.4590. In case the second key resistance is broken, the pair will probably attempt to advance to 7.4660.
If EUR/DKK manages to breach the first key support at 7.4366, it will probably continue to slide and test 7.4296. With this second key support broken, the movement to the downside will probably continue to 7.4219.
The mid-Pivot levels for today are as follows: M1 – 7.4258, M2 – 7.4331, M3 – 7.4405, M4 – 7.4478, M5 – 7.4552, M6 – 7.4625.
In weekly terms, the central pivot point is at 7.4528. The three key resistance levels are as follows: R1 – 7.4713, R2 – 7.4976, R3 – 7.5161. The three key support levels are: S1 – 7.4265, S2 – 7.4080, S3 – 7.3817.
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