EUR/HKD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/HKD is not one of the main currency pairs, though, it can be highly attractive for investors in the coming days. Triangle patterns represent great opportunity for traders, who seek for high profit in a short period time. On May 1 both upper and lower trend lines will converge, and the trading range will be equal to zero. Market sentiment is strongly bearish, with more than 72% of opened positions being short, however, traders were selling the single currency for the last half a year, and still it was not able to hold the rally. The outlook is bullish, as technicals are sending ‘buy' signals, while just recently bulls made an attempt to move above pattern's resistance.
© Dukascopy Bank SA
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