EUR/TRY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found solid support at 2.6070 in January, EUR/TRY has managed to erase most of the 2014 Dec losses and has formed an upward channel, which implies a bullish outlook. The currency pair is in a good position to rise towards the 2.92/2.90 area, namely the upper boundary of the pattern, before any major downward correction.
At the same time, violation of the trend-line at 2.82 will invalidate this scenario and imply a sell-off to a cluster of supports near 2.80, mainly created by the monthly pivot point and 200-period SMA. If the bears keep pushing the pair further, significant levels will be the Feb 20 low at 2.7759 and the monthly S1 at 2.7476.
© Dukascopy Bank SA
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