EUR/TRY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY reached the upper edge of the bullish pattern, meaning now we are awaiting a downside correction. The first bearish target is placed around 3.3150, represented by daily and weekly pivot points, 55 and 100-hour SMAs. These supports are highly likely to try preventing any further selloff. In case they fail, there is another moving average line (200-hour SMA) to offer bullish momentum near 3.3030. The long-term case remains positive, in spite of any setbacks which can take place in the days to come. Moreover, the Euro seems to be heavily oversold in the SWFX market, as 72% of all trades are short. It proclaims that there is a higher probability of fresh long positions to be created soon.
© Dukascopy Bank SA
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