EUR/HKD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A not so popular EUR/HKD currency pair has formed a rising wedge pattern, which looks very attractive as price is approaching pattern's resistance. To be more precise, the pair has been fluctuating below the resistance line since September 19, when the pair rallied after Bernanke's statement. Moreover, couple of days ago bulls made an attempt to break the upper trend line, however, the price moved back in pattern's boundaries. Nevertheless, another retest of 10.57 is very likely, due to the fact 71% of traders are holding long positions. On the other hand, Euro is already overbought, and currently it is sold in 62% of all cases.
© Dukascopy Bank SA
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Mon, 07 Oct 2013 15:37:27 GMT

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