EUR/TRY 1H Chart: Falling wedge in sight - Trade Pattern Ideas - Dukascopy Bank

Fri, 05 Oct 2018 11:38:00 GMT
Source: Dukascopy Bank SA
 

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The European common currency has been appreciating against the Turkish Lira for five weeks. This movement has been bounded in a falling wedge.  

As apparent on the chart, the exchange rate is trading near the support cluster formed by the 55-, 100–. 200-hour SMAs and the Fibonacci 38.20% retracement in the 6.9883/7.0638 range. It is expected that the pair will breach given support and trade down to the lower wedge line located circa 6.70. 

However, if given support cluster holds, a breakout from the pattern could occur and the pair could jump towards the psychological level at 7.3500.


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