EUR/TRY 1H Chart: Tended south
The common European currency has been appreciating against the Turkish Lira since early March.
During this time, the pair has moved higher in between the boundaries of a long-term channel. This appreciation allowed the pair to test this senior pattern at 5.18 on April 11. It subsequently edged lower and formed two new junior patterns.
The Euro is currently tangled around the 55– and 100-hour SMAs and the weekly PP circa 5.07. Technical indicators are bullish for the following session, suggesting that the aforementioned many-year high at 5.18 could be approached once again. This level, reinforced by the weekly R1 and the monthly R2, is likely to stand firm.
In the medium term, the pair is expected to maintain its downward-sloping tendency and move towards the bottom boundary of the senior channel in the 4.85/90 territory.
During this time, the pair has moved higher in between the boundaries of a long-term channel. This appreciation allowed the pair to test this senior pattern at 5.18 on April 11. It subsequently edged lower and formed two new junior patterns.
The Euro is currently tangled around the 55– and 100-hour SMAs and the weekly PP circa 5.07. Technical indicators are bullish for the following session, suggesting that the aforementioned many-year high at 5.18 could be approached once again. This level, reinforced by the weekly R1 and the monthly R2, is likely to stand firm.
In the medium term, the pair is expected to maintain its downward-sloping tendency and move towards the bottom boundary of the senior channel in the 4.85/90 territory.
Penafian
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