A downward movement may continue.

On the 4-hour chart, the price is trying to rebound from the level of 3.0870 and strengthen to 3.1557 (23.6% correction). This level may be reached in a couple of days at the crossover with the 23.6% arc the 38.2% fan line. If the price reverses and breaks down the level of 3.0870, a significant decline is likely to continue.

The daily chart looks more interesting. Here, the price tested the level of 3.0890 (61.8% correction) but failed to break it out. At present, a smooth correction may start along the 50.0% arc to the strong resistance level of 3.1605, to the area where the 50.0% and 23.6% corrections for the medium-term and short-term trends match. If the level of 3.1605 is broken out, the price may grow further to the level of 3.2310 (38.2% correction), to the area of its crossover with the 50.0% arc and the 61.8% fan line. A downward trend would be likely to resume after the breakdown of the level of 3.0890. In this case, the price may go down to the level of 3.0300.

Trading tips

Short positions can be opened below the level of 3.0870 with the target at 3.0300 and stop-loss at 3.0900.

Alternative scenario

Long positions can be opened from the level of 3.1350 with targets at 3.1605, 3.2310 and stop-loss at 3.1200.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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