EUR/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY has ben recovering since Sep 19, but has been doing that in a more orderly way throughout the recent 80 hours, right after gaining a foothold above the 200-period SMA. Accordingly, the outlook on this currency pair is rather bullish, also considering the technical indicators on the hourly and four-hour charts.
However, some bearish signals are starting to appear as well, namely the latest test of the lower edge of the pattern did not result in an immediate rally up to the formation's upper edge. Additionally, most (73%) of SWFX traders are currently holding short positions on the pair, expecting the Euro to underperform.
© Dukascopy Bank SA
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