EUR/TRY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A formation of the pattern started 16 days ago; during this period the pair managed to consolidate above its 200-hour SMA and approach the apex of the triangle. EUR/TRY has recently broken through the lower trend-line of the pattern, implying that a further movement to the south, where the currency couple will face a region of support lines at 2.7021/6975, is highly possible. Market participants support this view, as 66.67% of them bet on depreciation of the pair. However, technical indicators belie bearish outlook, as four-hour and one-day indicators are sending "buy" signals.
© Dukascopy Bank SA
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