EUR/TRY Down 0 Pips On Hourly Chart, 5 Day Up Streak Ended; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated November 16, 2021 1:47 GMT)

At the moment, EURTRY’s rate is down -0.21 pips (-0.02%) from the hour prior. The hourly chart shows that EURTRY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURTRY. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 5 up days, EURTRY snaps its streak, falling 6 pips (-0.5%) over the past day to close at an exchange rate of 11.424302845. Relative to other instruments in the Forex asset class, EURTRY ranked 33rd the day prior in terms of percentage price change. Here is a price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

Coming into today EURTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for EURTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURTRY’s price has gone up 9 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!