EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been in the down-trend against the Turkish Lira since March 20 when the formation of the channel down started. The tunnel being strongly tilted-downwards was unremittingly pushing the pair lower and during two weeks the currency couple lost more than two thousand pips to hit a four-month low of 2.8832.
According to the SWFX data, bears are likely to prevail in the hours to come as 60% of traders bet on depreciation of the pair. Meanwhile, technical indicators are sending ‘buy' signals for the short-term but are bearish for longer perspective.
© Dukascopy Bank SA
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