EUR/TRY 4h Chart: Channel Down

The common European currency is losing ground against the Turkish Lira. The decline has occurred due to the fact that the pair encountered a strong resistance level, which forced the Euro into a retreat. Namely, it was the 23.60% Fibonacci retracement level of the 2017 high and low levels at the 4.0540 level. As a result of the following decline the pair has already reached the 50.00% retracement level at the 3.9113 mark. Most likely a short lived rebound is to follow, which will lead the rate to the descending channel's upper trend line. However, it is quite possible that a fundamental event beats the pair below the retracement, which could result in additional losses and the search of support.