EUR/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY has been recovering since Jan 23 after encountering a solid support at 2.61, and it appears the currency pair is going to continue with the advancement north. The Euro is expected to rebound from the support trend-line at 2.7543 and subsequently reach the upper boundary of the bullish channel at 2.8116. This scenario is reinforced by the technical indicators that give ‘buy' signals on all three relevant time-frames. Should the demand at 2.7543 fail to drive the rate higher, the first support EUR/TRY is to encounter is the Feb 2 low at 2.7326, followed by the weekly PP at 2.72 and the 200-hour SMA at 2.6990.
© Dukascopy Bank SA
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