EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on EUR/TRY is strongly bullish. The currency pair has just broken through a major resistance trend-line and formed an ascending channel. The losses are to be limited by the rising support at 3.10, and the target is 3.1479, where the weekly R1 merges with the upper boundary of the pattern.
Alternatively, if demand at 3.10 proves insufficient to trigger a rally, additional supports are at 3.08, created by the weekly PP and Nov 27 high, and at 3.06, implied by the 200-hour SMA. An extra ‘buy' signal is the fact that the European currency is oversold to a considerable degree—at the moment 72% of open positions are short.
© Dukascopy Bank SA
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