EURHKD: Long term sell. Choose the entry carefully.

Short

EURO / HONG KONG DOLLAR (FX_IDC:EURHKD)

FX_IDC:EURHKD EURO / HONG KONG DOLLAR

trendanalysis chartpattern indicator eurhkd eur hkd euro hongkongdollar forex currencies currency

This pair is trading on a long term 1W Channel Down (RSI = 45.188, MACD = -0.052, Highs/Lows = 0.0000) with clear Lower High entries and an obvious 8.7850 Support. The price has just entered the neutral territory so there is still potential to rise a little further before resuming the underlying bearish trend. We estimate the reversal point to be just above the 0.500 Fibonacci level. TP = 8.7850 (the 1W Support).

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