EUR/TRY 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 75-bar long descending triangle formed by EUR/TRY is approaching its apex as both trend lines will converge on September 23. At the moment of writing the pair was testing a strong support line at 2.6583 and in case it is breached, the next stop is a 200-bar SMA, which is 180 pips lower. This idea is supported by strong bearish market sentiment. However, it is more likely that in a longer term the pair will move in pattern's boundaries and break the pattern to the upside. Nevertheless, trading volume is decreasing with time, reinforcing a view the pair will break any of the support line in the nearest future. However, a throwback is expected.
© Dukascopy Bank SA
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