EUR/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After climbing to a record high of 3.2739 late January, the Euro lost some value versus the Turkish Lira but most losses were recovered when the pair reversed its trend and started to form a bullish tunnel.
At the moment, the currency pair is vacillating slightly below a five-week high of 3.1295 and it is not expected to regain the upswing before long, with over 70% of market participants betting on depreciation of the currency couple. Meanwhile, technical data is sending mixed signals, predicting a decline in the short-term and a climb in the medium-term.
© Dukascopy Bank SA
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