EUR/HKD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Throughout the past week EUR/HKD has been forming a symmetrical triangle, consistently respecting two converging trend-lines. But now the currency pair seems to be ready to exit the boundaries of the pattern by breaking out to the upside.
Once the resistance at 10.54 is out of the way, the rate will be expected to target the daily R1 at 10.5557 first, then the daily R2 and Jun 19 high at 10.57. And while the hourly technical indicators are in favour of a rally, the daily studies are against such a development. Nevertheless, most of the SWFX market participants are currently holding long positions on the single European currency, namely 67% of them.
© Dukascopy Bank SA
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