EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After scoring new heights against the Turkish Lira, the common European currency has begun a period of consolidation, which occurs in the borders of a descending channel pattern. The change of direction occurred due to the currency exchange rate hitting the upper trend line of a three year long ascending channel pattern. The newly formed descending channel is most likely only the beginning of a longer term descend, as the proportions of the two mentioned channels are not even comparable on one timeframe chart. Due to that, traders are advised to watch the descending channel pattern closely, as a more dominant pattern is set to form in the future.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.