EUR/HKD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another surging pair within a channel up pattern is the EUR/HKD pair, as the common European currency is appreciating against the Hong Kong Dollar. At the moment, the currency exchange rate is fluctuating near the pattern's upper trend line, which it already confirmed recently at 8.8067. However, the pair found support in the combined support level of the weekly PP at 8.7493 and the monthly R1 at 8.7445. If the rate moves in accordance with the pattern, it is likely to move once more to the previously encountered support level, which soon will be strengthened by the 55-period SMA. A fall is supported also by the fact that the pair is overbought, as 73% of open positions are long.
© Dukascopy Bank SA
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Wed, 24 Aug 2016 09:10:03 GMT

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