© Dukascopy Bank SA
Judging by the price action during the last three months, EUR/TRY is currently trading within the boundaries of an ascending triangle: after making sharp gains (160 pips) in the second part of August, the currency pair encountered a tough resistance level at 2.7711 that denied all subsequent attempts of the Euro to resume the rally. In the meantime, the setbacks of the pair, which ensued as a result of assaults on 2.7711, were becoming less and less pronounced, thereby drawing the up-trend support line.
As for the positioning of the traders, it appears they do not believe the resistance will be eventually breached—71% are betting on debasement of the Euro.
© Dukascopy Bank SA