An upward trend may resume.

On the 4-hour chart, the price is trying to strengthen to the level of 3.2242 (23.6% correction), from where it may continue growing towards 3.2528 (38.2% correction), 3.2766 (50.0% correction) and 3.2996 (61.8% correction). In order to do so, the price has to overcome the 23.6% arc and the line of the 38.2% fan, which are seen as the resistance levels. If the price turns down, the level of 3.1773 would become a critical level, below which short positions could be opened.

On the daily chart, the pair has tested the line of the 61.8% fan and is growing towards 3.2300 (38.2% correction). The breakout of this level may lead to the growth towards 3.2930 in the medium term. Otherwise, the price may resume its decline, the first target of which would be the level of 3.1600 (50.0% correction).

Trading tips

Buy the pair above the level of 3.2242 with targets at 3.2528, 3.2766 and stop-loss at 3.2100.

Alternative scenario

Sell the pair below the level of 3.1773 with targets at 3.1600, 3.1400 and stop-loss at 3.1900.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis




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