EUR/TRY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A day earlier we examined a descending triangle pattern shaped by EUR/TRY; this time we are going to look at another formation – double bottom pattern shaped by the same instrument.
Despite having bottomed out twice, the pair failed to reach the neck-line at 2.8286 during its rebound after the second drop. At the moment, the pair is located above the 50-hour SMA at 2.8177, albeit slightly and according to the SWFX numbers, the pair is not likely to perform a breakout soon – over 90% of market players bet on depreciation of the pair in the hours to come.
© Dukascopy Bank SA
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