EUR/HKD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The currency pair has commenced a distinct recovery on Nov 8, soon after bottoming out at 10.307. However, we would distinguish only the last 80 bars (after a breach of the 200-period SMA) as the ones forming the channel up pattern.
Right now the currency pair is trading just above the lower boundary of the corridor, which implies bullish behaviour of the price in the nearest future. Additionally, the four-hour and daily technical indicators also favour appreciation of the Euro as well. The rally is likely to extend to the upper boundary of the channel at 10.792, but will have to overcome tough resistances at 10.701 and 10.750 in order to get there.
© Dukascopy Bank SA
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