EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY offers a good opportunity to go short the Euro. The currency pair has recently formed a bearish channel and has supposedly completed an upward correction, which implies a sell-off from 1.2490 down to 2.85. Beneath this level the price should be aiming for 2.78, namely for the Apr low.
In the meantime, we should note that the bulls keep resisting a decline, and there is still a significant upside risk present in the market. In this case we will look at the Jul 9 high (2.9873) as the next potential target. The SWFX traders seem to share the negative bias, as the distribution of positions is in favour of shorts that currently take up 73% of the market.
© Dukascopy Bank SA
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