EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY has recently broken through the supporting trend-line, but it has managed to preserve the upward momentum nevertheless. At the same time, a majority of the technical indicators are giving ‘buy' signals, and the Euro is heavily oversold—72% of open positions are short, which increases the chance of the pair extending the rally from 3.1668 (started on the last day of 2015). Accordingly, the main target at the moment is the October 13 high at 3.38. However, a close beneath 3.3124 will invalidate the positive outlook, and the price will be expected to decline down to the 200-hour SMA at 3.2850. Additional support is at 3.2550, implied by the Jan 13 low and daily S2.
© Dukascopy Bank SA
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