A short-term upward correction is likely to start.

On the 4-hour chart, the price reached the level of 3.3650 (50.0% correction), but failed to break it down. In the short term, the pair is likely to rise along the 50.0% arc to the levels of 3.3890 (38.2% correction) and 3.3980. However, if the level of 3.3650 is broken down, the price would decline to 3.3400 (61.8% correction, a crossover with the 61.8% arc) and 3.3050.

On the daily chart, the price reached the key support level of 3.3600, the breakdown of which allows the pair to decline further to 3.3010 (23.6% correction for the medium-term trend) and 3.2450. Thus, despite the correction, the probability of which is confirmed by the 4-hour chart, the downward trend is still strong.

Trading tips

Short-term long positions can be opened from the level of 3.3760 with targets at 3.3890, 3.3980 and stop-loss at 3.3690.

Alternative scenario

Short positions become valid after the consolidation below the level of 3.3650 with the target at 3.3400 and, possibly, at 3.3050 and stop-loss at 3.3760.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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