EUR/HKD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After attaining the pattern's resistance that was at 10.3932, EUR/HKD reversed its direction to the south, diving below its 200-hour SMA. However, the pair bounced off the pattern's support and was rising until it touched a six-month high of 10.4311. A rise to this level triggered a sell-off towards its 200-hour SMA.
Currently, the pair is trading above its 200-hour SMA that is at the mark of 10.3472. Technical indicators suggest that a decline is likely. A drop below the 200-hour SMA that now acts as a strong support may send the pair to 10.3138 (daily S2) and, if overcome, the level of 10.2861 (daily S3)
© Dukascopy Bank SA
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