EUR/TRY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Elevated from October lows, EUR/TRY contained itself neatly into an ascending channel, pushing through annual and larger-scale resistances. Currently attempting 3.4779, a level unseen since 2015, the rate is threatening to close in an all-time high area. We would expect some more tests of the significant area, meaning that the channel could break if the pair is not ready to send a strong bullish signal. A fail at the major supply level would lead to tests of 3.4590, the bottom trend-line of the channel. We would then look for a repeated attack at the above area, and unsuccessful attempts could eventually lead to a close below 3.4590. The first significant level below the channel lines is 3.4495 with more risk at 3.4463. A break through the all-time cap would, however, target 3.5070, the upper trend-line of the channel.
© Dukascopy Bank SA
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