EUR/HKD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a series of attempts to rally, EUR/HKD proved to be unable to overcome 10.6361 late January. Subsequently, it plunged down to 10.4646 and only then began consolidating. As a result, the currency pair has formed a good quality 70-bar long symmetrical triangle.
Considering that before entering the figure the price had been declining, it is more probable that the support at 10.4835 will be broken, whereas the resistance at 10.4937 will remain intact. However, neither the technical indicators, which are largely mixed, nor traders' sentiment, which is strongly bullish towards EUR/HKD, are in favour of such a scenario.
© Dukascopy Bank SA
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