EUR/TRY 1H Chart: Short-term increase expected

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Sell Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Neutral
 Alligator(13;8;5) Buy Neutral Sell
 SAR(0.02;0.2) Buy Buy Buy
 Aggregate

The Euro has been depreciating gradually against the Turkish Lira since the beginning of January when the exchange rate reversed south from the Fibonacci 61.80% retracement at 6.3791.  

Currently, the currency pair is testing the weekly R2 at 6.0552. Given that the rate is being supported by the 55-, 100– and 200-hour SMAs, an advance is expected in the nearest future. A possible upside target is given Fibonacci retracement.  

However, the pair has to surpass the resistance level formed by the monthly R1 at 6.2460. If given resistance holds, it is likely a reversal south occurs in the nearest future.

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