EUR/TRY 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The EUR/TRY currency pair has been trading between the psychological levels at 5.9600 and 6.1500 since the middle of January.  

Given that the exchange rate is being pressured by the 55-, 100– and 200-hour SMAs, it is likely that a decline occurs in the nearest future. Potential downside target is the monthly S1 at the 5.8714 mark. 

However, technical indicators for the short run suggest that the pair is in the oversold territory, thus, bulls might prevail in the market within following sessions, and the pair might go upside to the resistance level formed by a combination of the weekly and monthly R1s located near 6.2730.

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