On the daily chart, the pair is falling along the lower Bollinger band. The price remains below the EMA130, EMA65 and EMA13 that are directed down. The RSI is testing its longer MA just above the border of the oversold zone. The Composite is about to test its last week’s resistance. Both indicators are forming a Bearish divergence with the price suggesting a fall in the pair.

EUR/TRY: technical analysis


On the 4-hour chart, the pair keeps growing along the upper MA of Bollinger Bands. The price remains just on the level with the EMA65 but below the EMA130, both directed slightly downward. The RSI failed to retest its most recent resistance and is about to test yesterday’s support. The Composite is also approaching its yesterday’s support level. MA’s for both indicators suggest a short-term strength of the market.

EUR/TRY: technical analysis

Key levels

Support levels: 3.0559 (active trade), 3.0260 (local lows), 3.0040 (23 November lows).

Resistance levels: 3.0684 (61.8% retracement), 3.0833 (local highs), 3.0881 (50% Fibonacci retracement), 3.1125 (EMA130 on the 4-hour chart).

Trading tips

Open short positions below the level of 3.0684 with the target at 3.0330 and stop-loss at 3.0830. Validity – 2-3 days.

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

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