A steady decline is possible.

On the 4-hour chart, the price reached its two-month high at the level of 3.2924 and has started correcting down. Targets might be the levels of 3.2445, 3.2240 (23.6% correction) and 3.1820 (38.2% correction). If the price turns up and overcomes the level of 3.2924, the first strong resistance would be the level of 3.3180 (23.6% correction for the medium-term trend).

The daily chart gives a more interesting picture. The price continues moving up along the 61.8% arc. However, the crossover of the arc with the 61.8% fan line at the level of 3.2825 is seen as a strong resistance. From this level, the price might start declining towards 3.2310 (38.2% correction) and 3.1620 (50.0% correction). The breakout of the level of 3.2825 would lead to a growth towards 3.3180 and 3.3670.

Trading tips

Short positions can be opened below the level of 3.2445 with targets at 3.2240, 3.1820 and stop-loss at 3.2560.

Alternative scenario

Long positions can be opened after the breakout of the level of 3.2924 with targets at 3.3180, 3.3670 and stop-loss at 3.2850.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis




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