EUR/TRY 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Turkish lira currency cross is still trading in the boundaries of the double bottom pattern, while nearing the pattern's resistance. However, to reach this level around 2.83, the pair has to cross a number of important obstacles on its way, including the weekly R2 and R3, as well as the monthly R1. These levels together are likely to push the pair back in the southern direction. This idea is supported by the majority of market participants, as 54% of them are holding short positions on the Euro versus the Lira. Judging from technical studies, which are neutral, we will see a sideways movement inside the pattern's boundaries for a continuous period of time. 
© Dukascopy Bank SA
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