EUR/TRY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On the whole EUR/TRY is currently undergoing a bearish correction, since the up-move started back in April failed to overcome the resistance at 2.7741. And while the near-term technical indicators favour a rally, there is a good chance the supply zone at 2.7015, created by the daily R1 and the down-trend resistance line, will not allow the Euro to appreciate. Instead it is expected to send the currency pair towards the lower edge of the negatively-sloped channel, namely to 2.6596. Moreover, 72% of SWFX traders have already short-sold the common currency, expecting it to underperform relative to the Turkey Lira.
© Dukascopy Bank SA
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