EUR/TRY 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the central bank of Turkey raised interest rates to curb an accelerating depreciation of the national currency, EUR/JPY fell to a two-week low of 2.9550 then gained slightly to the level of 3.0993 where the distinct bearish trend originated. While retreating, the pair formed a falling wedge pattern that now is 186-bar long.
Now the pair is trading below its 50-hour SMA at 2.9963, albeit slightly and given bullishness in the market-more than 70% of traders bet on appreciation of the currency couple-EUR/TRY may enjoy a rally that may be halted somewhere close to a bunch of resistances at 2.9892/951 (four-hour PP, R1; daily PP).
© Dukascopy Bank SA
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