EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/TRY currency pair is estimated to keep its positive trend in the long run. However, at the moment the Euro is undergoing a correction period, which is likely to be finished by the time the pair reaches the pattern's lower trend-line at 3.36. There is a possibility that other supports will also be strong enough in order to reverse the pair's trend to the upside even earlier. Among them, we are watching the demand zone at 3.3975/02, which includes the weekly R1, daily S1, 55 and 100-hour moving averages. In addition, 4H and daily technicals suggest the single currency will resume growing as early as Friday. In the meantime, market sentiment is strongly bearish (71%) at the moment.

© Dukascopy Bank SA
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