EUR/TRY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are good signs the Euro is not going to underperform the Turkish Lira any more. First, the currency pair has formed a double bottom, which implies a reversal. Second, most of the technical indicators, especially on the hourly and daily charts, are bullish. Additionally, if we look at the four-hour time-frame, we will see that the price is trading just above the 200-period SMA. However, the potential rally may not last long, since the bigger picture is that EUR/TRY is currently undergoing a bearish correction, which is expected to extend down to 2.91. As for the sentiment, a significant majority of traders (70%) stay short the common currency.
© Dukascopy Bank SA
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