EUR/TRY 4H Chart: Channel Up

Despite the fact that the common currency has been depreciating relative to the Turkish Lira for the past 24 hours, the rate has been consistently respecting both trend-lines that are forming the 150-bar long bullish channel.

While at first it may seem as if the upper boundary is a more reliable estimator of turning points, since it was confirmed on more occasions than the lower boundary (taking into account the observations since Oct 16), a more thorough analysis of the rising support line reveals that it has been guiding the pair upwards already since July. Still, in order to confirm its long-term bullish intentions, EUR/TRY has to surpass an all-time high of 2.7736.