| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Sell | Sell |
| Stochastic(5;3;3) | Neutral | Neutral | Sell |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇒ | ⇒ | ⇒ |
The EUR/TRY currency pair has been trading within a rising wedge pattern since the end of March. The pair has already exceeded the 7.5000 level.
From a theoretical point of view, it is likely that a breakout south from the pattern could occur in the nearest future. In this case exchange rate could gain support from the Fibonacci 38.20% and 50.00% retracements, located at 7.0377 and 6.7084.
However, note that the currency pair is supported by the 55-, 100– and 200-hour moving averages in the 7.5000 area. Thus, some upside potential could prevail in the market and the pair could continue to extend gains.