| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Buy |
| Alligator(13;8;5) | Sell | Sell | Sell |
| SAR(0.02;0.2) | Buy | Sell | Buy |
| Aggregate | ⇒ | ⇘ | ⇒ |
The Euro has been depreciating against the Turkish Lira since the end of October after the EUR/TRY currency pair reversed south from the upper boundary of the rising wedge pattern (4H time-frame chart).
As apparent on the chart, the exchange rate has already reached the lower pattern line. From a theoretical perspective, it is likely that a reversal north could occur in the nearest future. Also, it is likely that the rate could continue to trade gains within the given pattern in the medium term.
However, note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 6.3400. Thus, the pair could breach the given pattern south. Important level to look out for is the monthly S1 at 6.1555.