EUR/TRY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY is in a strong up-trend. Apart from solid support areas at 3.2550/3.2450 and at 3.22, the overall positive bias is ensured by the long-term trend-line at 3.12 lire that has been topical throughout the whole 2015. However, right now the price is headed towards the upper edge of the channel, meaning the near-term upside potential is limited by 3.3650/3.3550, where we also have the weekly R3 and January high. From there the Euro will probably target the 200-period SMA and the monthly pivot point. On the other hand, if the bulls manage to push the price outside the pattern, the new target will be 3.48, namely the last year's maximum.
© Dukascopy Bank SA
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