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EUR TRY

The EURTRY Closes Above 5.0000We posted on the EURTRY for the first time on Sunday explaining that price had broken out of long term consolidation and was trending nicely towards the major resistance level of 5.0000. It is at these levels where many would enter short positions trying to pick tops. It is a difficult and inconsistent approach as it involves guess work which often leads to losses. If stops are not being used then this is a hair raising journey that leads to blown accounts. The smarter approach, and a proven approach, is to apply patience and wait for the trend to break through resistance and close above ( at the end of the trading day) for the resistance to be confirmed as support. This is the setup we were waiting for as highlighted on our previous post on the EURTRY and our patience has now been rewarded. Price broke and closed above 5.000 at the close of play on Monday. This is now offering an entry point to go long for the more aggressive trader. However, given that this is new territory for this currency, the more conservative trader will wait for a trend to be confirmed above this new key support level before placing long trades. We would now like to see price hold above this level and move towards 6.0000 offering opportunities to compound along its ascent. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
A Possible Break of Key Resistance on The EURTRYFX trading is about understanding which group of currencies are in trend and then narrowing down further to the best looking trend structures within that group. The mistake that many traders make is having an unhealthy attachment to a single currency like the EURUSD or other instruments such as gold or oil, based on the name, and day trade away over multiple positions a day in search of riches. Little time is given to market conditions and trend structure and often trades are being places in low probability environments. It is an inconsistent, stressful and time consuming approach that usually leads to burn out of the trader or a blown trading account. By first identifying which group of currencies are in trend (high probability environments) then simply requires holding and compounding a few positions which leads to significant growth of an account over weeks, months and longer. It is a timeless approach with vast benefits. The TRY currencies are looking interesting. The TRYJPY and the USDTRY have already featured on our TradingView blog. The TRYJPY we are already short on and the USDTRY we are waiting for an entry point to go long. The EURTRY is also looking very interesting and one we have a keen eye on. Price broke out of consolidation that dated back to November of last year. Since the breakout, this has trended in a neat and linear fashion to the major round number level of 5.0000. Given the distance from the breakout to this key resistance level, we chose to stand aside given the lack of appeal of risk to reward. We are now waiting for price to break and close above 5.0000 before looking to place long trades. The distance from 5.0000 to 6.0000 is far more appealing in terms of reward to our risk and hence worth waiting for the correct set up. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
EUR/TRY 1H Chart: Breached up-trendThe common European currency has appreciated substantially against the Turkish Lira during the previous nine months. The pair managed to reach a record high of 4.72 in late November and approached close this area once more last week. The general trend during the previous four weeks has been upwards, as shown by the dashed line. The Euro remained sticky to this line during for several sessions prior to breaching it earlier today. This factor together with the rate’s inability to pick up speed in the aforementioned long-term channel suggests that the bullish momentum might be gradually allaying. In case the 200-hour SMA near 4.66 is breached, traders should expect a fall down to the 4.60/4.63 area within the following two weeks. On the other hand, the failure to fulfill this scenario should guide the Euro towards 4.76.
Short
by UnknownUnicorn890690
EUR/TRY 4H Chart: Euro at new heightsThe common European currency continues to book new high levels against the Turkish Lira. On all timeframes and scales the currency pair is surging and it has been like that for a few years. In the short term the pair is set to continue the surge. It should occur after the currency exchange rate finds support in a combined support cluster near the 4.66 mark. Afterwards the Euro will have the range up to the 4.7930 level free from resistance against the Turkish currency.
Long
by UnknownUnicorn890690
6
EUR/TRY 1H Chart: Pair trades near long-term channelThe common European currency continues its long-term appreciation against the Turkish Lira. As a result, the pair is constantly pushing its ultimate high northwards. During the past three months, the Euro is stranded in an ascending wedge. However, it seems that a breakout is likely to occur soon, as the upper boundary of this pattern has been unreachable for the last week and a half. In addition, the rate has approached the upper boundary of a senior channel circa 4.57 which has bounded the rate since mid-2014. Along the way, the Euro faces a strong resistance of the weekly and monthly R1 at 4.55. Given the pair’s long-term appreciation, it would not be surprising if this bullish movement continues to prevail. However, it is more likely that a pair retraces from the senior channel just to cool off its high levels.
Short
by UnknownUnicorn890690
4
EUR/TRY hinders near channel boundaryThe common European currency has been trading against the Turkish Lira in two ascending channels simultaneously. The junior pattern was formed as a result of the rate remaining at a relatively stable position during the past two weeks. As apparent on the chart, the Euro has failed to overcome a resistance area located near the 4.2189 mark. During the last trading hours, the rate has been stranded in a narrow range between the 100– and 200-hour SMAs; thus, a breakout might occur in any direction. In case the pair succeeds at surpassing the 100-hour SMA and the weekly PP circa 4.20, it might appreciate until the aforementioned resistance area. The base scenario, however, favours a soon movement southwards. This would comply with characteristics of the senior channel. In addition, it is apparent that the pair has failed to reach the upper boundary of the junior pattern during the last week. The closest downside target is the weekly S1 at 4.1701.
by UnknownUnicorn890690