EUR/TRY 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 141-bar long double bottom pattern formed by EUR/TRY started late April when the pair hit a three-week high of 2.9862. At the moment, EUR/TRY is sitting at the 50-bar SMA at 2.8640 that acts as a formidable resistance. The short-term SMA has been impenetrable for the last 20 hours and if the pair eventually manages to jump above this mark, it will meet the next cluster of resistances at 2.8668/725 (four-hour R1, R2, R3). This level may become an important hindrance on the way towards the pattern's neck-line.
© Dukascopy Bank SA
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