The TRY seems to be strengthening against the Euro. I do not trade this pair, but as I have a personal interest in Turkey, I might buy some TRY (unleveraged) so upcoming visits won't become more expensive :-).
I see bearish butterfly on the weekly chart + bearish ab=cd on the daily chart in addition to these harmonic signals, rsi and macd gives bearish divergence on daily chart so it is a very good oppurtunity to short FX:EURTRY
My target is around 4,512-4.568.
Have a nice day.
At the moment , we are heavily net short the Euro mostly as advised by technical developments. In the monthly chart, you can notice price action are trending lower in relation to the upper BB. That is despite EURTRY being higher price wise. Stochastics are also over extended and a sell signal is in the process of being printed.
Secondly, in the daily...
EurTry will surely go down.
it is in deep overbuy conditions and in W1 you can see the formation of HEAD SHOULDER pattern
Eur start loosing is power in theese days
Usd start gain more power and will help Eur to go down
The cross eurtry have positive swap and is also a good opportunity for accumulating position for intraday trading
Maybe a great opportunity
Since late January, the Central Bank of the Republic of Turkey has produced consistent efforts to stabilize the currency. This has produced tangible results with a upward correction although persistent political tensions. Erdogan's referendum victory is likely to be the most market-friendly option. A "No" scenario may lead to early elections and a period of...