EUR/TRY 1H Chart: Channel Down

EUR/TRY failed to extend the early March rally and instead started forming a bearish channel, which is already more than 150 bars long. Right now the pair is moving towards the upper falling trend-line of the pattern (reinforced by the 200-hour SMA), meaning the latest bullish tendency is highly likely to change in the nearest future and give way for a strong sell-off. Eventually this should lead to a dip down to 3.06, the lower edge of the theoretical corridor.

In the meantime, the sentiment of the market supports the bearish outlook, as it is negative towards EUR/TRY at the moment—65% of traders plan to profit from Euro's depreciation.