EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is trading in a channel down pattern against the Turkish Lira, as the currency exchange rate is slowly moving lower. The downward movement to the pattern's lower trend line is due to the low volatility of the pair, which has resulted in various support levels being located on its way to the 3.2500 level. Weekly S1 at 3.2898 and S2 together with the monthly S1 around 3.2680 are the two notable support areas, where the rate most likely will be hindered on its path downwards. Although, the pair is oversold, as 71% of open positions are short. On the other hand, pressure from above is provided by the 55, 100 and 200-period SMAs and the weekly pivot points, which all together form a resistance cluster from 3.3122 to 3.3296.
© Dukascopy Bank SA
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