EUR/HKD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in an ascending channel pattern against the Hong Kong Dollar on a medium scale. However, the currency exchange rate has already reached and bounced off from the upper trend line of the dominant, long term descending channel pattern. Due to this factor the currency pair is most likely set to move lower and pass the lower trend line of the medium scale pattern. Although, the rate's decline is being hindered by the 200-period SMA at 8.2518 and the 23.60% Fibonacci retracement level at 8.2553. The retracement levels on this pair are measured via connecting the January 2017 low level with the April 2016 high level.
© Dukascopy Bank SA
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Wed, 15 Mar 2017 13:56:31 GMT

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