FxWirePro: Danish Krone advances to 3-1/2 week peak on upbeat GDP growth rate and unemployment data

• The Danish Krone surged to an over 3-week high following the release of upbeat GDP growth rate figures and unemployment data. 
   
• Denmark's unemployment rate came in at 3.7 percent in January, unchanged from the previous 12 months, as the number of unemployed people fell by 308 to 103,809. 
   
• Separate data showed, the gross domestic product expanded 1.80 percent in the fourth quarter of 2019 over the same quarter of the previous year, while the economy expanded by 0.2 percent on quarter in the three months to December. 
   
• Additionally, weakness in the greenback supported the Danish currency. 
   
• USD/DKK is trading 0.3 percent down at 6.7755, having hit low of 6.7606 earlier, its lowest since Feb. 4.
   
• Momentum indicators are bearish - RSI weak at 39, MACD supports downside and Stochs are biased lower.
   
• Immediate resistance is located at  6.8151, close above could take it till 6.8265. 
   
• On the downside, support is seen at 6.7581, and any break below will take it till 6.7543.

Recommendation: Good to sell on rallies around 5.7890, with stop loss of 6.7988 and target price of 6.7581.