A fall can continue.

On the 4-hour chart, the price continues falling along the 38.2% Fibonacci fan line towards the level of 3.0850. This support level is especially strong as Fibonacci corrections for both short-term (0% correction) and long-term (61.8% correction) trends coincide in the area of 3.0850-3.0890. On the daily chart, the price is heading towards the level of 3.0890 (61.8% correction), a breakdown of which would allow the pair to fall to 3.0400 and 2.9875. A price reverse and a breakout of the level of 3.1600 (50% correction) could lead to a further growth towards 3.2300 and 3.3180.

Trading tips

Short positions look preferable. These can be opened from the level of 3.0850 with targets at 3.0400, 2.9875 and stop-loss at 3.0990.

Alternative scenario

Long positions can be opened after the price consolidation above the level of 3.1600 with targets at 3.2300, 3.3180 and stop-loss at 3.1450.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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