EUR/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro started to climb against Turkish Lira since it touched almost a one-month low in min-October; however, the formation of the channel up pattern started only on October 22. At the moment, the pair seems to lose its spree as it is trading below the lower boundary of the pattern and only 50-hour SMA is preventing a further slide. Despite trading outside the pattern for one hour only, the breakout may appear real as market participants expect the single currency to reverse its trend against the Turkish Lira and depreciate in the hours to come. About 86% of traders bet on the decline of the pair.
© Dukascopy Bank SA
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