A fall can resume.

On the 4-hour chart, the price is correcting again after a fall. A probable target in the correction can be the level of 3.3129 (23.6% Fibonacci correction), a breakout of which could lead to a further growth towards 3.3432 (crossover between 38.2% correction and the 23.6% arc) and 3.3676 (50% correction). However, the likeliest scenario seems to be a price rebound from the level of 3.3129 towards 3.2635 and 3.2310. On the daily chart, the price broke down the level of 3.3200. At present, the next target for bears could be the level of 3.2310. However, a price return to the level of 3.3200 and a further growth to 3.3750 after its breakout is possible.

Trading tips

Short positions are preferable. Pending sell orders can be placed at the level of 3.3080 with targets at 3.2635, 3.2310 and stop-loss at 3.3200.

Alternative scenario

Long positions can be opened after the price consolidation above the level of 3.3129 with targets at 3.3432, 3.3676 and stop-loss at 3.3090.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

 




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