EUR/HKD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of July, the single European currency has been in the down-trend against the Hong Kong Dollar and by the second part of the month the pair embarked upon formation of the channel down pattern.
At the moment, the currency couple is sitting not far away from a one-year low of 10.3601 it reached a day earlier but traders has not lost faith in the pair ability to increase the distance from this low – circa 60% of positions on the SWFX are long. Meanwhile, technical numbers suggest some weakness may be present in the four-hour perspective.
© Dukascopy Bank SA
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