A decline is likely to continue.

On the 4-hour chart, the price is approaching October lows at 3.2620. This mark is seen as the key level, the breakdown of which may lead to a decline towards 3.2295 (38.2% correction of the medium-term trend).

On the daily chart, the price is also ready to test the level of 3.2620, which it has been trying to break down since August. In case of success, the price may decline to the crossover of the level of 3.2295 (38.2% correction) with the 38.2% arc. Otherwise, a correction is possible towards 3.3180 (23.6% correction of the medium-term trend).

Trading tips

At present, short positions are preferable and can be opened after the consolidation below the level of 3.2620 with the target at 3.2295 and stop-loss at 3.2690.

Alternative scenario

If the price returns to the level of 3.2865, long positions can be opened with the target at 3.3070 (23.6% correction) and stop-loss at 3.2790.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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