EUR /TRY, D1
On the daily chart, the pair bounced off the middle MA of Bollinger Bands and falling. The price remains below the EMA130 and EMA65, both directed down. The RSI reversed down in the Bearish zone and is about to test its MA’s. The Composite is also moving down towards its MA’s. Both indicators formed a divergence with the price, while their MA’s suggest a strength of the market.
EUR /TRY, H4
On the 4-hour chart, the pair is moving along the lower Bollinger band. The price remains underneath the EMA65 and EMA130, both directed horizontally. The RSI is falling away from its longer MA. The Composite is about to retest its most recent support. MA’s for both indicators suggest a weakness of the market.
Support levels: 3.0651 (local lows), 3.0510 (active trade), 3.0234 (last week lows).
Resistance levels: 3.0970 (local highs), 3.1027 (EMA130 on the 4-hour chart), 3.1077 (31.8% Fibonacci retracement for the short-term trend).
Short positions can be opened from the level of 3.0640 with the target at 3.0290 and stop-loss at 3.0770.
Long positions can be opened above the level of 3.0879 with the target at 3.1060 and stop-loss at 3.0780.