FxWirePro: USD/DKK plunges near 1-week low, major support at 21-EMA
The Danish Krone rallied, extending gains for the third straight session as the greenback plunged to a 1-week trough against a basket of currencies. The dollar slumped as several countries laid out plans to ease restrict…
The Danish Krone rallied, extending gains for the third straight session as the greenback plunged to a 1-week trough against a basket of currencies.
The dollar slumped as several countries laid out plans to ease restrictions on businesses that have been closed due to the novel coronavirus outbreak, reducing demand for the safe-haven U.S. currency.
USD/DKK is trading 0.2 percent lower at 6.8700, having hit high of 6.9519 on Friday, its highest since Mar. 24.
Immediate resistance is located at 6.8998, close above could take it till 6.9138.
On the downside, support is seen at 6.8585 (21-EMA), and any break below will take it till 6.8464.
Recommendation: Good to sell on rallies around 6.8825, with stop loss of 6.8998 and target price of 6.8585.
