EUR/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY has been rapidly depreciating since mid-July. At that time the pair was caught by a downward sloping channel that sent the instrument to a seven-month low of 2.8115 on Jul 23.
Currently the likelihood of continuation of the bearish tendency is rather high, especially given steepness of the pattern and the SWFX sentiment. According to the SWFX numbers, more than 94% of all orders are placed to sell the pair. Technical indicators also suggest the forthcoming hours will be a hard time for the pair to reverse the downside; technical data points to a possible weakness in the medium and long terms.
© Dukascopy Bank SA
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