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EUR/TRY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
After scoring new heights against the Turkish Lira, the common European currency has begun a period of consolidation, which occurs in the borders of a descending channel pattern. The change of direction occurred due to the currency exchange rate hitting the upper trend line of a three year long ascending channel pattern. The newly formed descending channel is most likely only the beginning of a longer term descend, as the proportions of the two mentioned channels are not even comparable on one timeframe chart. Due to that, traders are advised to watch the descending channel pattern closely, as a more dominant pattern is set to form in the future.
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