EUR/TRY 1H Chart: Downside potential
Downside risks have dominated the EUR/TRY currency pair since the beginning of September. This movement has been bounded in a descending channel.
Currently, the exchange rate is testing the support level formed dy a combination of the weekly S2 and the monthly S1 near 5.9200. Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the general direction is expected to remain south. A potential downside target is the monthly S2 at the 5.5874 mark.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the upper channel line located in the 5.8500/6.000 range.
Currently, the exchange rate is testing the support level formed dy a combination of the weekly S2 and the monthly S1 near 5.9200. Given that the currency pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the general direction is expected to remain south. A potential downside target is the monthly S2 at the 5.5874 mark.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the upper channel line located in the 5.8500/6.000 range.
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