The Hong Kong Dollar is trading mixed against the Euro. The longer term trend, as indicated by the daily chart below, is down.
The short term trend however is up. The EUR/HKD rose from 10.47 to 10.615 in the last three weeks alone. However, we are now running into a previous congestion area, as you can see on the chart below. Furthermore, the 10.61 figure is the 38% Fibonacci retracement of the last move down in the currency pair. I think these two developments will restrain the rally going forw…
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