EUR/HKD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A double bottom cut losses for EUR/HKD twice, causing it to enter a small correction in front of the daily Pivot Point at 8.3406. When the pair breaks above the currently tough level, it will set eyes on 8.3812, the neckline of the pattern. While a fail at the level will send the pair packing for good, a close above will confirm a reversal, skewing risk to the upside with 8.4190 as the next target. The rate will encounter supply pressures at 8.3555 and 8.3687 that will test the momentum before the critical move is made. Bolstered from below the double bottom at 8.2970/2903, we do not see the rate breaking beneath for now.
© Dukascopy Bank SA
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