A decline is likely to continue.

On the 4-hour chart, the price is testing the level of 3.2896 (23.6% correction), the breakdown of which allows the pair to decline to 3.2614 (38.2% correction) and 3.2384 (50.0% correction). The 38.2% and 50.0% fan lines are seen as additional supports from which a reverse is possible. If the price turns up at the level of 3.2896, a growth might continue towards 3.3350.

On the daily chart, the price is testing the level of 3.2855 (61.8% correction). The breakdown of this level leads to a decline towards 3.2325 (50.0% correction) and, possibly, 3.1800 (38.2% correction), to the crossover with the 61.8% arc. If the price does not manage to break down the level of 3.2855, a growth to 3.3550 would follow.

Trading tips

Short positions can be opened after the consolidation below the level of 3.2896 with targets at 3.2614, 3.2384 and stop-loss at 3.2950.

Alternative scenario

Long positions can be opened from the level of 3.3045 with targets at 3.3350, 3.3550 and stop-loss at 3.2910.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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