EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
The common European currency is simultaneously losing value against the Greenback in two descending channel patterns. The junior pattern represents the pair's bounce off from the upper trend line of the dominant pattern. Most recently the currency exchange rate passed the combined support of the 38.20% Fibonacci retracement level at 3.9227 and the 200-period SMA at 3.9202. As a result a sharp fall has occurred, which means that the rate is not likely to fluctuate around the cluster of significance. Instead it is most likely about to continue the decline to the dominant pattern's lower trend line near the 3.86 level.
© Dukascopy Bank SA
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