EUR/TRY 1H Chart: Channel Up

Even though both trend-lines were respected by the market only on several occasions throughout the last 225 trading hours, there is a high possibility they are going to play a notable role in forming the price chart in the future. A rebound from 2.5165 and a subsequent close beyond the 200-hour SMA at 2.5280 should confirm this hypothesis.

Conversely, if the rising support line fails to underpin EUR/TRY, a scenario suggested by the SWFX traders, since 73% of them are short on the pair, neither the daily S2 at 2.5127 nor the daily S3 at 2.5078 should be able to halt the decline.