EUR/TRY Down 2 Pips in Last Hour, Fares the Worst Out of Forex; Breaks Below 20 and 50 Day Averages

Hourly Update

(Last Updated November 12, 2020 1:31 GMT)

At the moment, EURTRY’s rate is down -0.0181 (-0.2%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURTRY. Given that we see downtrend on the 20 and 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURTRY entered today at 9.1591, down 47 pips (4.87%) from the previous day. Those trading within the Forex asset class should know that EURTRY was the worst performer in the class. Below is a price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

Notably, EURTRY crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 up 20 out of the past 30 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.