EUR/TRY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the technicals, EUR/TRY is ready to lunge at 3.3450, namely the four-week trendline. One of the main reasons to be long the Euro against the Lira is that the currency pair has formed an ascending triangle, a pattern that indicates growing demand. The positive bias is further reinforced by hourly and four-hour studies and the fact that the single currency is heavily oversold—71% of open positions are short.

Nevertheless, in order to confirm the bullish scenario we still need to see a close above a massive supply area circa 3.31, which is strengthened by the long-term moving average. If this is not the case, we are likely to see a sell-off to 3.29.
© Dukascopy Bank SA
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