EUR/TRY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/TRY currency pair is currently following two upward-sloping trend-lines, which form the bullish channel on the one-hour chart. Nevertheless, it is likely that the Euro is going to undergo a correction phase in the short-term, especially considering its downward tendency of the past several weeks. The negative scenario is shared by the near-term technical indicators, as well as the majority of SWFX market participants, namely 72% of them. On the other hand, the 19-nation currency may receive substantial support from the 200-period SMA, around which the pair is trading at the moment (2.99). Moreover, daily and weekly studies suggest the pair will resume rallying soon.
© Dukascopy Bank SA
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