EUR/HKD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp decline of the single currency in the middle of previous week, the pair started forming a descending triangle pattern, filling space between two trend-lines. Recently the currency approached the point just below the daily R1 at 9.9575, where trading range is rather narrow, meaning that the break-out to any side may happen soon. According to historical data, break-outs from descending triangles happen to the downside in 64% of all times. On the other hand, market participants and technical indicators oppose such course of events. SWFX traders hold long positions on the Euro in more than 68% of all cases, while short-term indicators send bullish signals at the moment.
© Dukascopy Bank SA
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