EUR/TRY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite overall bullish tendency of the single European currency against the Turkish Lira, this  currency pair is likely to commence a bearish correction in the short-term, unless bulls are able to stop sell-offs near the weekly pivot point at 2.9361. Market participants are strongly supporting a decline of the Euro, with 71% of all opened positions being bearish at the moment. However, bullish traders should regain strength around the pattern's support, which is reinforced by 100-hour SMA and daily S1. In case these levels succeed in pushing the pair higher, longs should target at 3.00 in the long-term. At the same time, technical indicators are only slightly bullish towards the common currency.
© Dukascopy Bank SA
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