EUR/TRY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in an ascending channel pattern against the Turkish Lira. The pattern came into existence because the currency exchange rate rebounded against the 38.20% Fibonacci retracement level, which is located at 3.7761 level. The ascending channel is the representation of the resulting surge. During the move the currency pair has broken through also the resistance of the 23.60% Fibonacci retracement level at 3.9310. The Fibonacci retracement levels are measured by connecting the 2017 January high and 2016 low levels. It is highly likely that the currency pair will approach the 2017 January high level of 4.1807 in the upcoming weeks.
© Dukascopy Bank SA
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