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Euro / Turkish Lira

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EURTRY trade ideas

EURTRY Daily Chart Oscillators: RSI shows a declining line proving the EUR is underperforming. STOCH shows a crossover is imminent, providing a timely trading signal, as price movement shows the EUR is oversold. (Bullish signal). Trend: Retracement being established at 4.31625 price level, as time would be a great indication as price correction has been established. The retracement to 0.236 shows an increase in demand is yet to happen as a New Higher high expected with the EUR. Pattern: Continuation Pattern (Ascending Triangle Pattern). No clear visiual evidence of a reversal pattern. Bullish Price Projection to the Golden Ratio. Estimated Price Projection 4.37333.
Short
by Charles-JohnMakhema
1
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