EUR/TRY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our overall outlook on EUR/TRY is strongly bearish, as during the formation of the channel the currency pair managed to break an 18-month support trend-line. Now, after the price confirms a new resistance level at 3.27, selling should resume. In this case the initial target will be a combination of June and April lows, and the next one will be the March low at 3.12. We should note, however, that the European currency is already oversold against the Lira (73% of positions in the SWFX market are short), which implies that the current rally has a chance of extending through the trend-lines and the long-term moving average. The first main target will then be at 3.3150, followed by another at 3.38.
© Dukascopy Bank SA
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