EUR / TRY 7/6/2020
Updated
Welcome to this analysis on Euro / Turkish Lira.
EUR / TRY has been in a massive macro uptrend since 2019, It paused around the highs of the previous uptrend cycle of 2018 at 7.850.
Since the 7th of May, the market has gone sideways, it had a pullback to 7.35, re accumulated there, and bounce back to the previous high.
Looking at the structure, it looks like it has made a Symmetrical triangle pattern which can also be a handle of a Cup And Handle continuation patter if price closes above the previous high at 7.85.
The target of the triangle is at 7.9 and the target of the Cup And Handle is around 8.25.
The 2 levels of resistance above the current price are the previous high at 7.85 which used to be a daily close high of the 2018 cycle as well and above that the psychological 8 level which is also the wick highs of 2018 cycle.
This trade idea has 2 rewards to risk if it hits the triangle's target and 5.5 R if it hits the target of the Cup And Handles.
Good luck trading.
EUR / TRY has been in a massive macro uptrend since 2019, It paused around the highs of the previous uptrend cycle of 2018 at 7.850.
Since the 7th of May, the market has gone sideways, it had a pullback to 7.35, re accumulated there, and bounce back to the previous high.
Looking at the structure, it looks like it has made a Symmetrical triangle pattern which can also be a handle of a Cup And Handle continuation patter if price closes above the previous high at 7.85.
The target of the triangle is at 7.9 and the target of the Cup And Handle is around 8.25.
The 2 levels of resistance above the current price are the previous high at 7.85 which used to be a daily close high of the 2018 cycle as well and above that the psychological 8 level which is also the wick highs of 2018 cycle.
This trade idea has 2 rewards to risk if it hits the triangle's target and 5.5 R if it hits the target of the Cup And Handles.
Good luck trading.
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held above the triangle and made a rectangle range that just broke up. there was an expanding flat inside the triangle range that is a pattern of continuation.It's approaching the previous high now and the level can act as resistant. A break high time frame break and close above the level can be a good sign of continuation.
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A high time frame break*Note
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the first target got hit. closed one of the positions and leave the other one for the swing trade.Note
+2R so farNote
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Very good so far it broke and closed above its all-time high It is usually a sign of continuation. The swing trade position is up more than 3R already so it can be a good place to take some profit off the trade.Note
Euro has been very strong lately. Also, there is not any sign of loss of momentum on indicators, volume, or price action so far. So I think there is a good chance for the price to hit the target although there might be consolidations or pullbacks along the way.Trade closed: target reached
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target reached. +7.5 RNote
I believe this can continue higher over time. There not any sign of weakness on indicators or price action yet and it has broken the previous all-time highs, so there is a good chance for it to continue higher. However I'm out of most of my positions, just gonna keep some as a runner position. I might add if I see a pullback or a continuation pattern.Going to update it on another post if I see a good opportunity.
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