EUR/TRY 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY is prolonging its losing streak started late January when the pair hit a record-high of 3.2752. The pair's moves are determined by the limits of the 81-bar long falling wedge pattern, inside which the currency couple plunged to a one-month low of 2.8304 a day earlier.
At the moment, the pair is wandering close to the recent low and is likely to re-approach this level before long given that over 80% of all orders on the SWFX are placed to sell the pair. However, the levels of 2.8376/55 (four-hour PP, S1; daily PP, S1) and 2.8344/29 (daily S2, S3; four-hour S2, S3) may prevent the pair from re-approaching the recent low.
© Dukascopy Bank SA
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