EUR/TRY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following ECB's unexpected decision to trim interest rates, EUR/TRY fell almost 600 pips and moved back in pattern's boundaries. At the moment of writing the pair was retest pattern's support, and in case it is breached, the next stop would be a 200-bar SMA, which is located just couple of pips lower. Market sentiment is strongly bearish, as 72% of opened positions are short. Nevertheless, even despite dovish comments from Draghi, traders refuse to sell the Euro, as the single currency is bought in 51% of all cases. Market sentiment, aggregate technical indicators on a 4H chart are all suggesting the short term outlook is bearish.
© Dukascopy Bank SA
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