EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initially, the 55-hour SMA was succeeding in holding the single currency's bulls from pushing the pair further to the north.  On the other hand, bullish impetus was provided by the daily pivot point and 100-hour SMA around 2.7515. As a result, the pair started gaining value on a strong pace. At the moment the daily R1 is already breached and the common currency is heading in the direction of the weekly R1 at 2.8116. In case of reaching this important resistance line, bullish tendency may prolong up to the pattern's resistance, as suggested by long-term technical indicators. Market participants, however, are remaining bearish on the Euro in 71% of all cases.
© Dukascopy Bank SA
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