EUR/TRY 1D Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY is currently closing in on the apex of the triangle the currency pair has been forming for the last eight months. Considering the before starting this consolidation pattern the Euro had been bullish and had already established a rising support trend-line that later became the lower boundary of the triangle, the bias towards the rate is strongly bullish. In addition, the Euro is oversold at the moment (74% of positions are short), which further strengthens the case of Euro's appreciation. During this month EUR/TRY is expected to break the red trend-line and the monthly R1, which will open a path towards the January high, followed by the previous year's maximum.
© Dukascopy Bank SA
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