EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The currency pair's long-term prospects are cloudy, despite EUR/TRY trading in a clear bearish trend since the beginning of May. Before that the price had broken the 10-month resistance line, and this is a strong ‘buy' signal. At the same time, the Euro has recently closed under the support line, the origin of which dates back to January of 2015, and this is already a strong ‘sell' signal. Behaviour of the rate around these key line will thus determine the future of the pair. As for the short-term, there is a good potential for a rally towards 3.27. This is further reinforced by EUR/TRY forming a double bottom with the neckline at 3.22 and by positioning of traders in the SWFX market—74% of positions are short.
© Dukascopy Bank SA
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