EUR/HKD 4H Chart: Channel Up

Source: Dukascopy Bank SA
The common European currency is surging against the Hong Kong Dollar simultaneously in two ascending channels. Most recently the currency exchange rate began the Monday's trading session above the resistance put up by the 38.20% Fibonacci retracement level at the 8.4111 mark. Due to this factor the currency pair is set to surge to the upper trend line of the dominating ascending channel pattern. The trend line is located near the 8.50 mark. However, the trend line has been measured only by drawing a parallel line to the one, which connects the historical long term lows. It is possible thus that the rate can surge up to the 50.00% Fibonacci retracement level at the 8.5263 mark.
© Dukascopy Bank SA
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