EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a negative bias with respect to EUR/TRY, mainly because of the major resistance area between 3.45 and 3.49. Moreover, the currency pair has already formed a bearish channel. However, we should recognise some bullish potential in the short run—the price may rise up to 3.29/3.27, but further advancement is unlikely due to the monthly S1 and falling resistance trend-line. In case this supply area is breached, potential ceilings will be at 3.33 (200-period SMA) and at 3.38/3.37 (Oct 14 high and monthly PP). Meanwhile, we see no significant supports below the spot. The closest potential reversal point is as far as 2.87/2.85, represented by the July and May lows.
© Dukascopy Bank SA
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