EUR/TRY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In its pair with the Turkish Lira, the single European currency is approaching the upper boundary of the bullish channel, which is under the a considerable risk of being crossed as soon as the next week. At first, there are no formidable resistances in order to stop bulls from pushing the Euro upwards. The closest monthly pivot point is located as far as 3.0831, or way above the pattern's resistance. Four-hour and daily technical studies are strongly pointing to the upside, assuming that EUR/TRY will eventually close above the upper trend-line of the channel up. Despite that, SWFX traders are distinctly bearish on the Euro, with 75% of all positions being short at the moment.
© Dukascopy Bank SA
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