EUR/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline of the Euro against Turkish lira has been already lasting since the very end of December 2014, where the present channel down pattern takes its start. However, after bottoming out just above 2.60 last Friday, the single currency began appreciating and at the moment the trading level is placed around daily R2 at 2.6931. This level is well-supported both by simple moving averages and other technical levels from below. Therefore, a short-term continuation of this increase is likely to take place up to the upper trend-line at 2.7224. Meanwhile, traders support the opposite idea by holding 70% in short opened positions, while technical studies remain neutral for both currencies.
© Dukascopy Bank SA
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