EUR/TRY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp decline of EUR/TRY that was observable after the pair touched a one-month high in the end of October represented a channel down pattern that now is 99-bar long. Being trapped by tow steep downward-sloping lines, the pair is likely to extend its losses in the hours to come. Market sentiment also confirms this; 68.75% of traders are bearish on the pair. Moreover, a recent stab to the pattern's resistance puts selling pressure on the Euro cross thus adding to chances that the pair will decline before long.
© Dukascopy Bank SA
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