Trade Pattern Ideas




Trade Pattern Ideas

EUR/TRY 1H Chart: Channel Up
Fri, 11 Aug 2017 13:55:07 GMT
Source: Dukascopy Bank SA
 

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

The Euro is trading in a channel up against the Turkish Lira. The pair was trading close to the upper channel boundary for a week before it made a wave downwards. Currently, the Euro has bounced off the lower channel line and is gradually approaching the 4.20 area. On Thursday, bulls managed to push the rate above the 55-, 100– and 200-hour SMAs and the weekly PP, the latter of which supported the rate from falling below the 4.17 mark. This signal in conjunction with other technical indicators suggest that the rate may still try to push up to the 4.21/22 territory in short-term. However, technical indicators should be watched for some signs of reversal (especially if the rate fails to climb higher), as the pair's ultimate high is located nearby—at 4.2112. Thus, pressure may be put on the Euro to depreciate in both short-term and long-term.


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