A fall continuation is likely.

On the 4-hour chart, the price broke down the level of 3.2753 (23.6% correction) that allows it to fall to 3.2497 (38.2% correction) and, in case of its breakdown around a crossover with the 50% fan line, to 3.2295 (strong level as 50% corrections for the short-term and long-term trends coincide here). However, from the level of 3.2497 the price might reverse and start growing along the 50% fan line towards 3.2753 and 3.3165.

On the daily chart, the price fell below the level of 3.2855 (61.8% correction) and reached the 61.8% arc, along which it could continue its fall towards 3.2325 (50% correction). An upward trend can resume after a breakout of the level of 3.2855.

Trading tips

Short positions can be opened from the level of 3.2610 with targets at 3.2497, 3.2295 and stop-loss at 3.2670.

Alternative scenario

Long positions can be opened from the level of 3.2855 with the target at 3.3165 and stop-loss at 3.2720.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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