EUR/HKD 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since March 16 the Euro has been developing in a general uptrend against Hong Kong Dollar. In the meantime, trading range has been narrowing, meaning that we are dealing with the ascending triangle pattern. Currently the single currency is intended to receive a sustainable support from pattern's support and monthly pivot point at 8.39 and rebound, while this idea is shared by 54% of market participants. On the other hand, 55-period SMA is located somewhat below the 200-period moving average, meaning that the pair has experienced a decline in the recent future. Fuelled by bearish weekly technical studies, there is a risk that EUR/HKD may eventually fall below 8.35 in the long-term.
© Dukascopy Bank SA
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