EURTRY - More towards a correction

FX:EURTRY   Euro / Turkish Lira
70 0
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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