| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Sell |
| RSI(14) | Neutral | Buy | Neutral |
| Stochastic(5;3;3) | Neutral | Buy | Buy |
| Alligator(13;8;5) | Sell | Sell | Neutral |
| SAR(0.02;0.2) | Buy | Sell | Sell |
| Aggregate | ⇒ | ⇒ | ⇒ |
The EUR/TRY exchange rate has been trading within the falling wedge pattern since the beginning of May. As apparent on the chart, the rate is trading near the lower pattern at 6.1200.
From a theoretical perspective, it is expected, that a reversal north could occur in the nearest future. If the given pattern does not hold, a breakout north could follow. Otherwise, the Euro could continue to depreciate against the Turkish Lira within the given pattern.
However, note, that the currency pair is pressured by the 100– and 200-hour SMAs, currently located circa the 6.1800 mark. Thus, a breakout south could occur within the following trading sessions. A possible downside target is the monthly S2 at 5.9024.