EUR/TRY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of March the bears started to overpower the bulls and forced a decline in the price. And even though there recently has been a bullish correction, which was initiated by the support at 2.8824, the down-trend resistance prevented further appreciation of EUR/TRY and thus preserved the bearish outlook.
Accordingly, once the currency pair closes beneath the monthly S1 and Apr 8 low, the Euro will be expected to target the lower boundary of the pattern and meet it near 2.75. The negative bias is also reinforced by the technical indicators, which are mostly giving ‘sell' signals on the four-hour and weekly time-frames.
© Dukascopy Bank SA
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