EUR/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been losing ground versus the Turkish Lira for almost a month; however, the formation of the bearish corridor started only around 10 days earlier, when the pair's down-trend became more distinct.
At the moment, the currency couple is trading in the lower end of the tunnel and we may witness an accelerating decline before long considering that more than 80% of all orders on the SWFX are placed to sell the pair. If this comes true, EUR/PLN may dive below 2.8811/796 (daily S1, S2; pattern's support) that in turn may lead to a bearish breakout followed by a notable retreat.
© Dukascopy Bank SA
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Wed, 16 Jul 2014 06:11:30 GMT

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