EUR/HKD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
The Euro is trading against the Hong Kong Dollar in a descending channel pattern on the medium scale. However, the currency exchange rate recently met with the lower trend line of a dominant ascending channel pattern and rebounded. Due to that it is most likely that the currency exchange rate is going to break through the resistance put up by the medium term channel. After that occurs, the pair is most likely going to surge up to the 38.20% Fibonacci retracement level, which is measured by connecting the 2017 Low level with the 2016 June high level. On the other hand, the junior pattern's trend line might hold and pressure the rate into the lower trend line of the dominant pattern once more. As a result of such moves a short term triangle pattern would form.
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