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Hongkongdollar

Target hit. Lower High on the 1W Channel Down. Short.TP = 9.2050 hit as EURHKD moved sideways before the Channel Down selling pressure pushed the price lower. The pair is still being traded within a long term 1W Channel Down (RSI = 41.770, MACD = -0.084, B/BP = -0.2478) with the neutral Highs/Lows = 0 suggesting that a Lower High has been priced. As you see on the chart that value was probably yesterday's 9.1235 High. As a result we are going short now with TP = 8.9500. See how for the time being the pivot line supports.
Short
by InvestingScope
EUR/HKD 1H Chart: Bypasses 100-hour SMA EUR/HKD 1H Chart: Bypasses 100-hour SMA The common European currency is losing value against the Hong Kong Dollar in a minor descending channel. However, a combined pressure of the 55-, 100- and 200-hour SMAs most probably will lead to dissolution of this pattern already by the end of the day. Once this happens, the pair is expected to enter into a barrier-free zone, which will last up until combined resistance set up by the monthly R1 at 9.2282 and the upper-trend line of a medium-term descending channel. However, there is also an alternative scenario, according to which the exchange rate will remain in the current junior channel due to additional resistance put by the 55-day SMA near the 9.2000 mark. In that case, the rate might postpone the breakout until tomorrow’s release of various EU manufacturing data.
by UnknownUnicorn890690