EUR/TRY 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A dive to a nine-month low of 2.8071 took place when EUR/TRY exited a 100-bar long descending triangle pattern started in the second part of July. Despite plunging to the recent low, the pair managed to confirm that the breakout was false by settling above the lower boundary of the formation at 2.8134 a few hours earlier.
However, market players still are not convinced in the pair's ability to remain inside the pattern – more than 90% of all orders on the SWFX are placed to sell the currency pair. Technical indicators also support the traders' view, sending ‘sell' signals for medium and long terms.
© Dukascopy Bank SA
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