EUR/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY has recently formed a bearish channel, being unable to climb over resistance at 2.88. However, it may be too early to be short the Euro. There is an important rising support line that still has not been breached. It connects the Jan and Mar lows and implies a strong demand area around 2.79, which is also reinforced by the weekly S1. Accordingly, as long as this level remains intact, bearish bets are excessively risky. But if we do get a close beneath this demand zone, there are high chances the price will eventually slide down to 2.7450, namely where the latest recovery began. SWFX traders' sentiment is strongly bearish: three out of four positions are currently short.
© Dukascopy Bank SA
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