EUR/TRY 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since at least February 13, the Euro/Lira currency pair did not decline below the major level at 2.78. Along with that, the overall trading range has been narrowing since that time, thus leading to emergence of descending triangle pattern. For now, the mentioned support acts as the lower boundary of the pattern, while according to 1H technical indicators, the single currency will soon depreciate below this important level. Moreover, additional pressure is provided by daily and weekly S1 that are both located at the same mark of 2.7854. SWFX market participants, in turn, are holding short opened trades in 74% of all cases, broadly supporting the bearish case for the Euro.
© Dukascopy Bank SA
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