EUR/TRY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Bullish momentum of EUR/TRY appears to be dying out, as the pair is forming a rising wedge. Nevertheless, in the short run there is high possibility of a rally, considering that the price is currently fluctuating next to the strong demand area, created by the rising trend-line, 200-period SMA, and the January 22 low. The current target is a solid resistance level at 3.34.

In the longer term, however, the risks are skewed to the downside. Once below 3.24, the Euro should gravitate towards 3.17 (monthly PP and Dec 31 low). The next objective will be at 3.10, where EUR/TRY is expected to come into contact with the major trend-line connecting last year's January, July, and November lows.
© Dukascopy Bank SA
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