EUR/HKD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 155-bar long channel up pattern formed by EUR/HKD was started in the beginning of February. Being bounded by the pattern's trend-lines, the pair has been a subject to a strong buying pressure that enable it to reach a three-year high of 10.8462 in mid-March. However, a jump to this peak enfeebled the currency couple that lost over a thousand pips during the last six trading days and now is trading slightly above the lower limit of the tunnel. Considering technical data, the instrument is likely to continue retreating in the short-tern but may regain an upside in the medium-term.
© Dukascopy Bank SA
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