On the daily chart, the pair bounced off the upper MA of Bollinger Bands that coincides with the EMA65 and 50% Fibonacci retracement. The price remains above the EMA130 that leveled out after a recent growth. The RSI failed its resistance at the Bearish level near 56 mark. The Composite is testing its last week resistance and is about to form a divergence with the price. MA’s for both indicators suggest a strength of the market.

EUR/TRY: technical analysis


On the 4-hour chart, the pair is falling from the upper MA of Bollinger Bands. The price remains above its moving averages that are all directed up. The RSI retested its resistance in the overbought zone, while the Composite is falling towards its MA’s. MA’s for both indicators suggest a strength of the market.

EUR/TRY: technical analysis

Key levels

Support levels: 3.1373 (EMA130, 61.8% retracement), 3.1170 (local lows), 3.0828 (middle MA of Bollinger Bands).

Resistance levels: 3.1658 (50% retracement, EMA65), 3.1951 (38.2% retracement), 3.2319 (23.6% retracement).

Trading tips

Short positions can be opened below the level of 3.1350 with the target at 3.1180 and stop-loss at 3.1445. Validity – 1-2 days.

Long positions can be opened above the level of 3.1658 with the target at 3.1910 and stop-loss at 3.1560. Validity – 1-2 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.

Follow us in social networks!
Live Chat
Leave feedback