EUR/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Sep 27 EUR/TRY topped out at 2.7618 and since then has been in a down-trend, falling through the 200-hour SMA and reaching 2.6714. During this sell-off the currency pair has been respecting the trend-lines that may be drawn through the peaks charted on Oct 3 and Oct 14 and through the troughs charted on Oct 2 and Oct 10.
At the moment EUR/TRY is trading just beneath the tough resistance area at 2.6981/44, which consists of the falling resistance line, daily R1 and 200-hour SMA, meaning the risks at the moment are heavily skewed to the downside.
© Dukascopy Bank SA
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