EUR/TRY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Confirming the seven-month up-trend support line in mid-July helped EUR/TRY to start a recovery induced by an attempted coup in Turkey. It later on turned into a bullish channel. At the moment however, the currency pair is undergoing a downward correction, but it should not extend beyond 3.3650. After the price stabilises near the lower bound of the channel, the Euro will be expected to launch an attack on a tough resistance area between 3.44 and 3.43, which consists of the upper bound of the emerging channel, daily R1, and most importantly, the May high. If the pair succeeds, the next target could be 3.4830, namely the weekly R2 and the 2015 high.
© Dukascopy Bank SA
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