EUR/TRY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been appreciating versus the Turkish Lire since late November, and has formed a rising wedge pattern, which, however, is moving to its apex. While both trend lines are still far away from converging, bears were able to penetrate the support line, and at the moment of writing were testing the 200-hour SMA. In case they will be able to close below 2.795, it will be a strong "sell" signal for the pair. Aggregate technical indicators are either neutral or suggesting the pair will decline further. Moreover, vast majority (72.49%) of positions are short, while 57% of all pending orders are placed to sell the pair, meaning, in case of depreciation, bears will receive additional support.
© Dukascopy Bank SA
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