EUR/TRY 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As EUR/TRY formed a rising wedge, a reversal pattern, the risks are heavily skewed to the downside. After the currency pair approaches a dense supply area at 2.87/86, it is expected to violate the support trend-line, which will confirm the bearish intentions of the Euro. The initial destination in this case will be a cluster of supports at 2.75/74, where the monthly PP merges with the 200-period SMA and Jan 22 high. If this zone does not withstand the selling pressure, the Jan 23 low at 2.6060 may well become the next objective. At the same time, an overwhelming majority (73%) of the SWFX market participants are currently holding short positions.
© Dukascopy Bank SA
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