EUR/HKD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp decline in the end of the previous week, the EUR/HKD pair started to trade sideways, consequently forming a narrow double bottom pattern. The pair is still hovering between the pattern's resistance and any of two valleys at 10.0393, moving slightly upwards. The market sentiment, however, suggests that the strong upward movement with a subsequent breach of the upper trend-line around 10.07 is a likely scenario, as 70% of all opened positions are long. At first, the pair is still going to face a considerable resistance level in face of the daily pivot point at 10.0399. Technical indicators, in turn, are largely neutral, with only short-term ones sending slight bearish signals.
© Dukascopy Bank SA
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