EUR/TRY Up 420 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Entered Today Up For the 3rd Day In A Row

EUR/TRY 4 Hour Price Update

Updated March 27, 2020 09:09 PM GMT (05:09 PM EST)

EUR/TRY is up 420 pips (0.59%) since the previous 4 hours (opening the current 4 hour candle near 7.179), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, EUR/TRY gave its buyers a return that ranked 6th in terms of percentage change since the previous 4 hours.

EUR/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/TRY is up 996 pips (1.41%) since the day prior (opening today near 7.15185972), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/TRY gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. Here is a price chart of EUR/TRY.

EUR/TRY Technical Analysis

Notably, the current price of EUR/TRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EUR/TRY 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 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Not much commentary on EURTRY that we’re finding noteworthy here; guess people aren’t watching this one :). As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible abc move, with wave B as an abcde triangle