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




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