EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having bounced off a six-month low of 2.8135 in mid-June, the Euro commenced appreciation against the Turkish Lira. The climb has been developing inside a bullish formation-channel up pattern that now is almost 160-bar long.
The currency couple is trading not far away from a one-month high of 2.9228; however, now seems to be a hard time for any further advancement given that almost 70% of market participants are bearish on the pair, according to the SWFX data. At the same time, technical data contradicts to traders' opinion, sending clear ‘buy' signals.
© Dukascopy Bank SA
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Fri, 20 Jun 2014 06:26:42 GMT

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