- The Danish Krone surged, hovering towards an over 1-year peak recorded earlier in the week.
- The Danish currency attempted a minor recovery as investors digested yesterday's upbeat inflation figures.
- Denmark's annual inflation rate inched up to 0.8 percent in February from 0.7 percent in the previous month.
- USD/DKK is trading 0.3 percent down at 6.6033, having hit low of 6.4994 on Monday, its lowest since January 2019.
- Momentum indicators are bearish - RSI weak at 34 and MACD supports downside.
- Immediate resistance is located at 6.6448 (61.8% retracement of 6.6748 and 6.6994), close above could take it till 6.6815.
- On the downside, support is seen at 6.5560, and any break below will take it till 6.5226.
Recommendation: Good to sell on rallies around 6.6240, with stop loss of 6.6448 and target price of 6.5560.
