Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Buy | Buy |
RSI (14) | Neutral | Sell | Sell |
Stochastic (5; 3) | Buy | Sell | Sell |
Alligator (13; 8; 5) | Buy | Buy | Buy |
SAR (0.02; 0.2) | Buy | Buy | Buy |
Aggregate | ⇗ | ⇒ | ⇘ |
The common European currency continues its long-term appreciation against the Turkish Lira. As a result, the pair is constantly pushing its ultimate high northwards.
During the past three months, the Euro is stranded in an ascending wedge. However, it seems that a breakout is likely to occur soon, as the upper boundary of this pattern has been unreachable for the last week and a half. In addition, the rate has approached the upper boundary of a senior channel circa 4.57 which has bounded the rate since mid-2014. Along the way, the Euro faces a strong resistance of the weekly and monthly R1 at 4.55.
Given the pair's long-term appreciation, it would not be surprising if this bullish movement continues to prevail. However, it is more likely that a pair retraces from the senior channel just to cool off its high levels.