EUR/TRY 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the technicals, EUR/TRY is ready to lunge at 3.3450, namely the four-week trendline. One of the main reasons to be long the Euro against the Lira is that the currency pair has formed an ascending triangle, a pattern that indicates growing demand. The positive bias is further reinforced by hourly and four-hour studies and the fact that the single currency is heavily oversold—71% of open positions are short.

Nevertheless, in order to confirm the bullish scenario we still need to see a close above a massive supply area circa 3.31, which is strengthened by the long-term moving average. If this is not the case, we are likely to see a sell-off to 3.29.
© Dukascopy Bank SA
Back to articles

Actual Topics

Wed, 17 Aug 2016 07:34:03 GMT

XAU/USD 4H Chart: Triangle

This is the seventh week gold consolidates within a triangle. In fact, the price is approaching the apex of the pattern, meaning we should prepare for a breakout. Considering that the triangle emerged after the Jun 2—Jul 5 up-move, the upside risks are greatly increased. A rally appears even more probable because of the technical indicators, where bullish signals dominate

Tue, 16 Aug 2016 10:32:03 GMT

GBP/CAD 1H Chart: Channel Down

The Pound is in a downward aimed channel against the Canadian Dollar, as the currency exchange change recently reached the pattern's upper trend line at 1.6700. There are no support levels on the rates way to the pattern's support line at 1.6545, which is supported also by the weekly S1. The hypothesis of a fall of the pair is also

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.