EUR/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recovery of the Euro is a broad market phenomenon, and EUR/TRY is not an exception. The currency pair has been lately forming an upward channel, meaning we can expect even higher prices in the future. In the very near term we may expect an extension of a correction down to 2.9940, but in the longer run the bulls should overpower bears and push the exchange rate above the weekly R1 at 3.0190, towards the Jun 29 high at 3.0466. At the same time, violation of the support trend-line could lead to a significant decline, which may not stop at the weekly R1 (2.9490) but may extend down to 2.91/2.92 area, where the Jul 21 low merges with the long-term moving average.
© Dukascopy Bank SA
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