EUR/TRY 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Opposite to USD/NOK pair, the Euro/Turkish Lira currency cross formed the double top pattern and is moving in the direction of lower trend-line at the moment. On its way down the pair will have to cross a strong support level in face of monthly pivot point at 2.8678. If the single currency is able to reach lower boundary of the pattern and eventually breach it, we can bet on a strong bearish movement in the direction of weekly S2 at 2.8363. The idea is supported by SWFX traders, as they hold short positions in 74% of all cases. Technical studies are mixed on different time-frames; however, the short-term ones share the view of decline. Meanwhile, in the long-term the Euro may start gaining value.
© Dukascopy Bank SA
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