Kumowizard
Long

EURTRY - More towards a correction

FX:EURTRY   Euro Fx/Turkish New Lira
67 0 1
Daily: Bearish ichimoku setup, but looks oversold a bit. Trades at the bottom of the bearish trend channel, meanwhile Slow Stoch and MACD are both about giving a counter bullish signal. A correction from recent low is possible. Upper support levels are at 2,79 (key horizontal and Kijun Sen) and ard 2,83 (Kumo).

4 Hrs: Double bottom? You will know it only by the time a reliable Long entry signal is triggered. Why? Simply because that will mean Price breaks above trendline, 100 WMA and Kumo, so then the counter trend reversal will be clear.
Right now we are in consolidation phase, with Chikou Span hitting Price, low ADX, zig-zag DMI             . However there is a slight bullish bias, as we have a weak bullish Tenkan/Kijun cross, and Price moved a bit higher after touching Kijun.
Counter long entry is marked on the chart. You must be very precise with timing if you take this trade, as it has a heavy negative carry to keep longs.
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