Out of the 40 instruments in the forex asset class, eur/try ended up ranking 13th for the day in terms of day-over-day price change.
The closest is the 20 day average, which is 516.1 pips away.
This imputes a buy/sell ratio of 0.58, which is bearish.
Alternatively, regarding pairs with the lowest correlation to eur/sek?
Bulls may note that this suggests a buy/sell ratio that is infinite.
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 37.94% from the day prior, and up 57.48% from the same day the week before.
This imputes a buy/sell ratio of 2, which is bullish.
Upon the retest of these technicals i’m going to go short….
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down.
As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern.