EUR/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY is likely to preserve its bearish momentum until the currency pair hits the May minimum at 2.8514. This scenario is supported by the technical indicators that are pointing downwards both in the four-hour and daily time-frames. The near-term target is 2.93. There the Euro is supposed to meet the lower edge of the channel and rebound. As for the nearby resistances, there is a low chance of a rally above the 200-hour SMA at 3.00. Still, there are additional supply areas around 3.0090, where we have the daily R2 together with the weekly PP, and around 3.02, where the resistance line merges with the daily R3. At the same time, almost 73% of open positions are short.
© Dukascopy Bank SA
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