EUR/TRY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a massive sell-off amid Draghi's press conference yesterday, EUR/TRY managed to stay within the boundaries of the channel. At the moment the currency pair is trading right at the lower trend-line, meaning we should see a rally in the near term. The bullish correction is likely to result in a test of the monthly S1 at 3.2739, but the recovery may extend up to the falling trend-line without threatening the overall negative outlook. Even if the price closes above 3.3158, there is a cluster of resistances around 3.37 (Oct 14 high, monthly PP, 200-period SMA) that the pair should have trouble eroding. Our main target is the August low at 3.02.
© Dukascopy Bank SA
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