EUR/HKD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that the Euro/Hong Kong Dollar currency pair reached the upper trend-line of the pattern, it is still unable to bounce back from it and commence a bearish correction. Along with that, all attempts to cross the resistance have been unsuccessful. At the moment outlook and possible scenario seem to be rather bearish for the long-term, as suggested by daily technical indicators which are sending signals to sell the common currency. On the other hand, during just next couple of hours a continuation of the sideways movement is still expected the most, especially judging from studies on 1H and 4H time-frames. Meanwhile, SWFX traders are holding long positions on Euro in 73% of all cases.
© Dukascopy Bank SA
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