perolason

EUR/HKD 3 week oscillations in descending channel.

OANDA:EURHKD   EUR/HKD
Except for a couple of wicks outside the upper limit around 3/20 the EUR/HKD pair has been trading in a downward channel nicely since early 2019. The price action has been following a 3-week cycle from lower to upper and back to lower limit again. Question is how much longer this pattern will continue. If it does we should see another test of the upper limit around 5/9 - 5/13 followed by a move towards the lower limit again around 5/17 - 5/20. (My blue line shows the potential price action, not a continuation of the blue momentum line in the chart.)

Seems we are also approaching some support around 6.677 from back in May 2017, which might be where we can start to see a change to some sideways consolidation or a start a new upwards trend.
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