EUR/TRY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The shared currency has been appreciating against the Turkish Lira since the end of November. The upward movement led to a formation of the channel up pattern on November 28; currently the pattern is 235-bar long and has average magnitude and quality.

The pair has recently retreated from a three-year high and now is trading below its 50-hour SMA, albeit slightly. According to the SWFX data, 57.14% of traders bet on further depreciation of the pair. At the same time, technical indicators also are pointing to a short-term strength of the pair.
© Dukascopy Bank SA
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