EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook for EUR/TRY is positive, as the pair is currently trading near the lower trend-line of the bullish channel. Accordingly, we expect a rally from 3.2815 up to 3.3150 during the next few days. However, the longer-term recovery of the European currency is doubtful. The upside is limited by several tough resistances, including the weekly PP, 200-hour SMA and four-week down-trend, meaning the price should stay beneath 3.32 Turkish liras. At the same time, the daily technical indicators are mostly giving ‘sell' signals, and the sentiment among the SWFX market participants is strongly negative, being that 71% of open positions are short.
© Dukascopy Bank SA
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Thu, 22 Oct 2015 07:16:05 GMT

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