EUR/HKD 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/HKD market has been ranging for a while now, going from a wide range motion to a tight one over the last week or so. Resistance lies steadily at 8.1261 and the pair has been sticking to it in its latest movements. The most recent floor lies at 8.0979 and it now appears that the rate is making its way to touch it, while ultimately working on breaking the resistance. The first area to steal some bullish momentum would be at 8.1316 and then 8.1348, both just above the senior supply area. A wave south would, however, encounter a set of levels all the way through and would spill a lot of flatness into the motion.
© Dukascopy Bank SA
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