EUR/HKD 4H Chart: Ascending Broadening Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-January volatility of EUR/HKD has been on the rise, as evidenced by formation of the ascending broadening wedge. Accordingly, being that the currency pair has just confirmed the rising support trend-line, the Euro is likely to continue advancement until it hits the upper boundary of the pattern at 10.9612. However, it must be noted that EUR/HKD will face tough resistance levels if the price starts a rally. One of the main obstacles is the latest peak at 10.8421, which was reached in March. Still, the sentiment of the market is heavily bullish, being that 71% of all open positions are long. Moreover, most of the weekly technical indicators are giving ‘buy' signals.

© Dukascopy Bank SA
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