EUR/TRY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is poised for a rally against Turkish Lira. The currency pair is trading right at the lower bound of the channel it has been forming since last year's December. Accordingly, EUR/TRY is expected to rebound from 3.23 and begin a new bearish wave. The immediate resistance is at 3.2457/36, and the 200-period SMA is at 3.28, but the main test of the bullish momentum is anticipated at 3.34, beyond which the price has repeatedly failed to extend its recovery. In case demand at 3.23 proves to be insufficient to trigger Euro's appreciation, the new multi-week target will be 3.14, where the rate will be expected to meet the 14-month up-trend.
© Dukascopy Bank SA
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