EUR/TRY 30M Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Turkish Lira has already fought off a half of the losses incurred starting from the beginning of last Friday, which amounted to a little more than two percent. The recent weakness of the emerging currency was mainly due to a credit downgrade, but the effect proved to be short-lived, and EUR/TRY is now trading within a well-defined bearish channel. The current obstacle to further formation of the pattern is the 200-period SMA at 3.3320, and a close under this level will imply a decline to the September 22 low at 2.2980 with weekly pivot points as intermediate targets. However, we should note that the Euro is already heavily oversold, with 71% of open positions being short.
© Dukascopy Bank SA
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