A fall can continue.

On the 4-hour chart, the pair is testing the level of 3.2710 (38.2% correction) and the 61.8% fan line that acts as an additional support. A price consolidation below this level could lead to a further fall towards 3.2515 (50% correction), and possibly 3.2318 (61.8% correction). Otherwise, the price can start growing along the 61.8% fan line towards 3.2955 (23.6% correction).

On the daily chart, the pair tested the level of 3.2880 (61.8% correction) but could not overcome it. In case of its breakout, the price could grow towards 3.3350-3.3570. In the medium-term, critical for Bears seems to be the level of 3.2620, a breakdown of which could lead to a fall towards 3.2325 (strong level where 50% correction for the medium-term trend coincides with 61.8% correction for the short-term trend), and possibly 3.1800 (38.2% correction).

Trading tips

Short positions can be opened below the level of 3.2710 with targets at 3.2515, 3.2318 and stop-loss at 3.2800.

Alternative scenario

Long positions can be opened from the level of 3.2810 with targets at 3.2955, 3.3130 and stop-loss at 3.2700.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis

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