EUR/HKD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the upper edge of the broadening falling wedge pattern on Friday, the EUR/HKD currency pair is poised for further losses in the foreseeable future. Currently, the weekly PP attempts to hold bears from pushing the common European currency to the downside. Still, in case the pair succeeds in falling below the mentioned support line, the next target for short traders will become the weekly S1 at 8.4311. Daily technical indicators are pointing downwards at the moment, meaning that we can expect the Euro to depreciate in the next 24 hours. Moreover, the vast majority of SWFX market participants, namely 71% of them, are holding short open positions on this currency pair.
© Dukascopy Bank SA
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