© Dukascopy Bank SA
Despite the fact that the common currency has been depreciating relative to the Turkish Lira for the past 24 hours, the rate has been consistently respecting both trend-lines that are forming the 150-bar long bullish channel.
While at first it may seem as if the upper boundary is a more reliable estimator of turning points, since it was confirmed on more occasions than the lower boundary (taking into account the observations since Oct 16), a more thorough analysis of the rising support line reveals that it has been guiding the pair upwards already since July. Still, in order to confirm its long-term bullish intentions, EUR/TRY has to surpass an all-time high of 2.7736.
© Dukascopy Bank SA