EUR/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY keeps trading within a well-defined descending channel we found last week, which implies that the overall outlook remains bearish. We expect a decline in the near term as well, considering that the currency pair is right at the upper boundary of the pattern. The gains are to be limited by the falling resistance line at 3.0350, while the target is 2.9880, where the lower trend-line merges with the daily S3 and weekly S1 levels. At the same time, the technical indicators in all time-frames are mixed, and we should not exclude the possibility of a rally through 3.0350, which will likely mean a recovery: first to 3.0440, then up to the earlier highs and 200-hour SMA circa 3.0650.
© Dukascopy Bank SA
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