EUR/TRY 4H Chart: Channel Down

EUR/TRY is examining the lower edge of the channel down pattern at the moment. However, a rebound of the Euro seems quite likely to take place in the foreseeable future. Additional support should be provided by the weekly S2 and monthly S1 just below the pattern's lower trend-line. The solid demand area tends to overshadow the strongly bearish technical indicators on short and medium-term time frames, which are also backed by 72% of SWFX traders who are holding the short open positions. Meanwhile, weekly studies are moderately bullish; therefore, an advance in the direction of the upper boundary at 2.98 is certainly not off the table in the long-term.