EUR/TRY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While there is a high possibility of a rally in the short run, the general outlook on EUR/TRY is bearish until the April low at 2.78 is reached, since supply at 3.09 did not allow the price to advance further in the first half of May. Over the next few days the Euro is likely to appreciate to 2.90, but there the currency is supposed to be stopped by the resistance area created by the weekly S1 together with the May 20 and the upper boundary of the pattern. From there the currency pair will be expected to target the lower trend-line. Meanwhile, a vast majority of the SWFX market participants is short the single currency, namely 73% of all the traders.
© Dukascopy Bank SA
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