EUR/TRY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY's trading range has been declining since the first day of this month. Given that the trend is positive, we are now dealing with the rising wedge pattern in the 1H chart. It implies a downward confirmation at some point of time in the future, but there are few signals this is going to happen soon. The cross is nearing the green trend-line where we expect the bullish momentum to be offered by the 200-hour SMA at 3.2769. Backed by the daily S2, this support should help the pair to build a new up-leg. Moreover, the market is overcrowded with the bears and this is a positive signal for the Euro. However, any drop below 3.27 is likely to end up with a sell-off down to the weekly PP at 3.2450.
© Dukascopy Bank SA
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