EUR/HKD 1H Chart: Descending Triangle

EUR/HKD 1H Chart: Descending Triangle

The common European currency is trading against the Hong Kong Dollar in a descending triangle pattern. An existence of the figure became evident shortly after the currency pair failed to slip below the 9.1466 level multiple times.

In the early Monday morning the currency rate made a second rebound from the triangle’s resistance line and started to pave the way through a combination of the 55-, 100- and 200-hour SMAs as well as the updated weekly PP at 9.1962.

From the trade pattern theory, the pair should successfully reach the bottom trend-line and continue to fluctuate within the formation until the end of the week. From a technical perspective this scenario seems rational, provided that fundamental events will not cause an unexpected jump of the rate.
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