EUR/HKD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 194-bar long descending triangle pattern shaped by EUR/HKD originated at almost a two-month low of 10.6071.
At the moment, the pair seems to have endeavored to repeat its attempt to breach the upper limit for the second time. The proximity of the apex coupled with the fact the pair is sitting close to the pattern's resistance signalize that the currency couple may indeed exit the pattern. However, the disposition of the SMAs, with the 50-hour SMA being on the brink of falling below the 200-hour SMA warns that a strong bearish pressure may be in place in the hours to come.
© Dukascopy Bank SA
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