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

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇗⇗⇗

[ANNOUNCE] The Euro has been appreciating against the Turkish Lira since the end of March, when the exchange rate surpassed strong resistance level—the Fibonacci 61.80% retracement at 6.3791. [/ANNOUNCE] 

As apparent on the chart, the rate has already surpassed the monthly R1 at 6.5897. From a technical perspective, the currency pair should trade up, as it is supported by the 55-, 100– and 200-hour SMAs. Important resistance to look out for is the Fibonacci 50.00% retracement at 6.7084. 

If the given resistance does not hold, it is likely, that the pair could reach the Fibonacci 38.20% retracement at 7.0377. Otherwise, a reversal south occurs within the following sessions.

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