EUR/HKD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is trading in a descending channel against the Hong Kong Dollar. However, the medium term descending channel is about to become obsolete, as on a larger scale the currency exchange rate trades in an ascending channel pattern. The rate has already reached the lower trend line of the dominant channel. Mainly due to this fact a surge is expected from the pair. However, there are additional factors, which suggest an upcoming surge. Recently the currency pair reached above a strong support cluster, which is made up mainly of the 200-period SMA at 8.2516 and the 23.60% Fibonacci retracement level at 8.2553.
© Dukascopy Bank SA
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