EUR/TRY 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A descending triangle pattern often leads to the bearish breakout. However, EUR/TRY does not show willingness to validate this opinion or meet traders' expectations, who sell the pair in 87.50% of cases. Now EUR/TRY is faltering not far away from the triangle's apex close to the upper-boundary of the pattern and slightly below four-hour resistance at 2.6798. If the pair manages to overcome this hindrance it is likely to near the upper limit of the triangle that acts as a strong resistance and may contain bullish movement of the pair, but if the pair has enough strength to cross this mark an accelerating appreciation may be observed in the days to come.
© Dukascopy Bank SA
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