EUR/TRY 3 Day Down Streak Snapped, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

EUR/TRY Price Recap

A moment of silence, please, for the end of EUR/TRY’s 3 day down streak; price ended yesterday up 43 pips (0.07%) to finish the day at a rate of rate of 6.5658. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 3.49% from the day prior, but down 40.34% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/TRY ranked 16th yesterday in terms of percentage price change. Below is a price chart of EUR/TRY.

EUR/TRY Technical Analysis

The first thing we should note is that EUR/TRY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 35 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.