EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to a fairly strong support at 2.81 EUR/TRY was able to commence a recovery after a precipitous decline observed during the second half of July. Considering that the currency pair has formed a bullish channel since then, it is likely that the Euro will bounce off the up-trend at 2.8620 in order to surpass the Aug 1 high and once again reach the upper boundary of the pattern at 2.8976.
However, if the rising trend-line fails to provide sufficient demand, there will be an increased risk of a sell-off down to the Jul 25 low. Meanwhile, the SWFX sentiment is neutral—48% of positions are long and 52% are short.
© Dukascopy Bank SA
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