EUR/TRY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Over the past 340 bars EUR/TRY has been trading between a former horizontal resistance (now support) line and a rising line (both in force since Jul 9). Just recently 2.5648 has been breached, which allowed the price to surge up to 2.5884. However, the pair is presently undergoing a downward correction from this local high and is likely to find a formidable support level at 2.5648, from there EUR/TRY is anticipated to start a rally that will surpass the local peak. Then the daily R1 at 2.5951 will be targeted first. Still, SWFX traders seem to be in no hurry to go long, most of them are currently short on the pair, namely 53%.

© Dukascopy Bank SA
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