EUR/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY put an end to the promising upward motion within a small-scale channel down pattern, destroying any hopes that the repeated attack on the all-time high of 4.1665 might be successful. The pair posted a double top on the hourly chart at 4.0145 and went on to form the bearish pattern, inside which it hit the 3.9670/57 with the last tall red candle. The rate will have to push below the area in order to reach the current target at 3.9587/72. We will then look for a bounce from the area to kick off another wave north.
© Dukascopy Bank SA
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