EUR/TRY 4H Chart: Rising Wedge

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Source: Dukasopy Bank SA
© Dukascopy Bank SA
The single currency has been appreciating versus the Turkish Lire since April and after hitting all-time high on August 28 the pair entered a period of consolidation and since that time has been bounded in a 1500 pips range. Pair's future outlook, however, is unclear, as tools of technical analysis are suggesting tow possible strategies. 75% of traders are holding short positions, while indicators on a daily chart are sending "sell" signals, suggesting the short and mid-term outlook is bearish. Indicators on a 4H and weekly charts, however, are pointing to a different direction. Meanwhile, s slight majority of all pending orders (56%) are placed to sell the pair, suggesting a move to the south.
© Dukascopy Bank SA
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