EUR/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 246-bar long channel up was formed by EUR/TRY on November 22. Despite its solid length the pair is still expected to move in pattern's boundaries, and the most likely scenario is first a drop toward pattern's support and even 200-hour SMA, and then further appreciation. The short-term scenario is bearish, as aggregate technical indicators on a hourly chart are sending "sell" signals, while 71.57% of traders are holding short positions. The key level for short traders can be found around 2.7779/63, represented by a bunch of support lines, including daily S1, pattern's support, Fibo 23.60% and a weekly Pivot. However, later, the pair is expected to continue appreciating, based on indicators on a 4H chart.
© Dukascopy Bank SA
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