EUR/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite crossing the upper trend-line of pattern on August 22, the pair managed to return into the boundaries of the channel down. At the moment the Euro is trading downwards parallel to boundaries of the channel. We suggest the pair to trade at least in the present trend or go even faster down. Longer-term technical indicators (four-hour) and 64% of SWFX traders support the idea of pair's decline. The present trading level of the EUR/TRY pair is located close to the 200-hour SMA (2.8373). On the way to the lower boundary of the pattern, the single European currency is also considered to face a difficult support at 2.8309/00, represented by the daily S2 and the major level.
© Dukascopy Bank SA
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