EUR/TRY 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY has been retreating since it hit a one-month high on September 27. Currently, the pair is trading not far away from the up-trend support sitting at 2.695 and may continue declining thus increasing the probability of the bearish breakout. If the currency couple falls below support zone lying at 2.7037/6966 (four-hour S1, S2, S3; daily S1) it is likely to approach the pattern's support at 2.6952 that if overcome will be a starting point of an accelerating decline. However, traders' sentiment does not bolster bearish outlook, with 75% of market players expecting the pair to appreciate in the days to come.
© Dukascopy Bank SA
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