EUR/TRY 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The shared currency is in a good position to advance against the Turkish Lira, as it has recently confirmed the upper trend-line of the descending triangle pattern. In order to extend rally, the price should cross two horizontal resistance levels at 3.3478 and 3.3621 respectively. Alternatively, the currency pair could bounce back to support level at 3.3398, while the further decline could be stopped by cluster of supply levels around 3.31. I the meantime, the bullish scenario is also suggested by four-hour and daily technical indicators, while weekly studies send mixed signals. Nevertheless, the SWFX traders do not retain bullish views, as three in four open positions are short.
© Dukascopy Bank SA
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