EUR/TRY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is about to break out of a descending medium term channel against the Turkish Lira, as the currency exchange rate recently rebounded against a larger scale pattern's lower trend line. The larger pattern is a slightly tilted descending channel, which means that in the longer term the pair is set to trade rather flat. However, it is possible to profit from the medium term moves. In addition, the currency pair has been proven to be affected by Fibonacci retracement levels of the 2016 high and low levels. Particularly, the 23.60% Fibonacci retracement level at 3.9447 is set to play a significant role of a support level in the future of the pair.
© Dukascopy Bank SA
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