EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a high-quality channel emerging in the hourly chart of EUR/TRY. According to the pattern, the exchange rate should rebound from 3.29 and rise up to the solid 3.3150/80 resistance area during the next several days. Looking further into the future, the pair is likely to have trouble once it comes into contact with the five-week down-trend, which is currently at 3.30. We are bullish on the Euro in the longer-term perspective as well, the main argument being the major ascending support line at 3.24, the one that connects all the main 2015 and 2016 lows. Another bullish argument is positioning in the market: only 30% of positions are long, which means plenty of room for new buyers.
© Dukascopy Bank SA
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