EUR/TRY Down 2 Pips in Last Hour, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 23, 2022 1:40 GMT)

At the moment, EURTRY’s rate is down -2.45 pips (-0.14%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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)

The choppiness in the recent daily price action of EURTRY continues; to start today, it came in at a price of 18.040031016, up 1 pips (0.03%) since the previous day. Out of the 39 instruments in the Forex asset class, EURTRY ended up ranking 19th for the day in terms of price change. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

Notably, EURTRY is now close to its 20, 50 and 100 day averages, located at 18.2017, 18.1751 and 17.7842 respectively, and thus may be at a key juncture along those timeframes. 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 14 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 14 days EURTRY’s price has gone up 9 them.