EUR/HKD 1H Chart: Short-term decline expected

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate⇘⇘⇘

[ANNOUNCE] The Euro has been depreciating against the Hong Kong Dollar since the beginning of August when the EUR/HKD currency pair reversed south from the resistance level—the monthly R1 at 8.8219. Currently, the pair is testin the support level—the weekly S1 at 8.6892. [/ANNOUNCE] 

Note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, it is likely that some downside potential could prevail in the market. The rate could reach the lower boundary of the long-term descending channel in the 8.6000/8.6500 range. 

If the given channel hold, it is likely that a reversal north could follow. Otherwise, it is expected that the pair could reach the monthly S2 at the 8.5114 mark.

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