A reverse and growth are possible.

On the 4-hour chart, the pair is trading near the level of 3.2318 that seems particularly strong as 61.8% Fibonacci correction for the short-term and 50% correction for the medium-term trends overlap here. After a price consolidation below this level, the pair is likely to fall to 3.2000 and 3.1800 (38.2% correction for the medium-term trend). If price rebounds from the level of 3.2318, it could grow towards 3.2515 (50% correction) and 3.2710 (61.8% correction).

On the daily chart, the pair found a support at 3.2330 (50% correction), a breakdown of which would allow the pair to fall towards 3.1800 (38.2% correction). Otherwise, the next Bullish target will be at 3.2880.

Trading tips

Short positions can be opened from the level of 3.2200 with targets at 3.2000, 3.1800 and stop-loss at 3.2300.

Alternative scenario

Long positions can be opened from the level of 3.2400 with targets at 3.2515, 3.2710 and stop-loss at 3.2310.

EUR/TRY: Fibonacci analysis

EUR/TRY: Fibonacci analysis




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