Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Buy | Buy |
RSI (14) | Neutral | Sell | Sell |
Stochastic (5; 3) | Neutral | Neutral | Neutral |
Alligator (13; 8; 5) | Buy | Buy | Buy |
SAR (0.02; 0.2) | Buy | Buy | Buy |
Aggregate | ⇗ | ⇒ | ⇒ |
The common European currency has been strengthening against the Turkish Lira for a long period of time. This upside movement gained strength considerably early in May which resulted in a 18.40% surge during these three weeks.
After reaching the 5.75 mark earlier this week, the pair plunged 5% in one hour on May 23 and thus fell down to the upper boundary of the breached one-year channel at 5.32. The Euro has since recovered but has nevertheless failed to reach its previous many-year high of 5.75.
It is likely that bulls exhaust their strong upside momentum within the following sessions and initiate a new decline. A near-term target is the breached channel line, the 200-hour SMA and the monthly R2 at 5.35/30. Subsequently, the pair could edge even lower down to 5.20.