An upward movement is possible.

On the 4-hour chart, the price is declining along the 38.2% fan line. The decline may continue to the levels of 3.1786 (0.0% correction for the short-term trend) and 3.1605 (50.0% correction for the medium-term trend). If the price breaks out the 50.0% fan line and consolidates above the level of 3.2015, it may continue growing towards 3.2257 (23.6% correction) and 3.2545 (38.2% correction).

On the daily chart, the 61.8% fan line is seen as a support level, which may cause a growth towards 3.2310 (38.2% correction). The breakdown of the fan line would lead to a decline to the level of 3.1605 (50.0% correction).

Trading tips

Long positions can be opened after the consolidation above the level of 3.2015 with targets at 3.2257 and, possibly, 3.2545 and stop-loss at 3.1920.

Alternative scenario

After the breakdown of the level of 3.1786, short positions would become valid with the target at 3.1605 and stop-loss at 3.1820.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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