| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Neutral | Sell | Sell |
| SAR(0.02;0.2) | Buy | Sell | Sell |
| Aggregate | ⇒ | ⇘ | ⇘ |
The Euro has been depreciating against the Turkish Lira since the end of August when the EUR/TRY exchange rate reversed south from the upper boundary of the medium-term descending channel at 6.5000. The pair has already lost almost 4.60%.
From a theoretical point of view, it is likely that some downside potential could prevail in the market until the exchange rate would reach the lower channel line located in the 5.9000/6.0000 area.
However, note that a possible decline might not be immediate, as the pair has to surpass the support level formed by the monthly S1 at 6.1844. Also, it is unlikely, that bulls could prevail in the short term, as the rate is pressured by the 200-hour SMA at 6.3610.