EUR/TRY Down 1 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated September 22, 2022 1:40 GMT)

At the moment, EURTRY’s rate is down -1.35 pips (-0.07%) from the hour prior. EURTRY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)

EURTRY is down 23 pips (1.28%) since the previous day (opening today near 18.0344855529), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, EURTRY ranked 38th the previous day in terms of percentage price change. Below is a price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURTRY crossed below its 20 and 50 day moving averages yesterday. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURTRY’s price has gone up 16 them.