EUR/TRY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the period of elevated volatility in the second half of January, spurred by bold actions of the Turkish central bank, the currency pair has calmed down and already for the past 150 hours has been trading in a narrow downward-sloping channel. Considering that EUR/TRY has recently bounced off the upper boundary of the corridor, it is likely to move towards the support at 2.95, while being capped by the resistance at 3.03, which is formed by the daily R1, 200-hour SMA and the falling trend-line. And while most of the technical indicators are giving ‘sell' signals, SWFX traders are not convinced by these arguments—48% of them are holding long and 52% are holding short positions.
© Dukascopy Bank SA
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