EUR/TRY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been steadily appreciating against the Turkish Lira since the middle of January, and it seems that rally begins to wane. The latest high is just couple of pips higher than the previous one, while technical indicators on several timeframes suggest a sideways movement. At the same time, 74% of traders are holding short positions, while CCY index shows the Euro is being sold in 55% of all cases across the board, while TRY is bought more often than sold (69% bullish). Taking it into account, the outlook for the pair is bearish, and in case bears penetrates the lower boundary at 3.0391, the next key level that can limit pair's depreciation can be found at 3.0052.
© Dukascopy Bank SA
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