EURTRY trade ideas
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.
#EURTRY is at buy area, bullish falling wedge is ready.
As can be seen fro the chart, EURTRY has been softening from 4.70-4.75 and dipped around 4.50.
ABCDE formation looks complete and can provide a rising trend in the next days.
RSI dipped two times in this formation, which shows a strong support around 4.50.
Worth following up from now on.
EURTRY Buy SetupHello Traders!
Hope everyone had a Merry Christmas!
EURTRY chart has made an impulse and a correction, it seems the correction is finalizing. I will be looking to buy from the bottom before the breakout, If trade goes my way and breaks, I will add positions as market makes continuation patterns.
Good Luck
U Turn in a Bull TrendPlease like and subscribe if you want more analysis from me... I will appreciate that.
The Turkish Lira is expected to trade at 3.59 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.48 in 12 months time.
EUR TRY prospective price levelsI expect it to continue to get more higher because of the pressure on Turkey Economy. If it breaks down about 4.60, short position must be taken.
EURTRY Buy IdeaHello Traders!
EURTRY has been in a steady uptrend and has made a T.C.P. which can be entered as soon as a confirmation arrives. what I am looking for is for this bottom trendline to hold and have price initiate a bounce., if it does, price may hit both Ext. lvls.
Entries can be on the 1hr, just look for the initial bounce and a smaller T.C.P. and enter or or take the break.
Good luck to all and hopefully all these weekend gaps were in your favor haha
EURTRYWatch carefully the Price Action along the slanted trend line. If you recognize Strong Bears, Short market.
SELL SETUPWe have possble rising wedge pattern in development.
MACD shows clear sign of divergance.
Wait for a breakout of lower trendline to entry.
I expect that price will close the existing gap after the breakout and downmove.
SHORTCan we go down to 3.60 or even 3.55
this trades gives good overnight intrest BUT remember this is speculating against erdogan who wants lower intrest rates
shortcan we have a retrace to 4.60 and lower? 4.55??
this trade gives good overnight intrest BUT you are speculating against erdogan who wants lower intrest rates
let's see if we can retrace and grab some profits and intrest
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.
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.
