EUR/TRY Down 225 Pips, Breaks Below 20 Average; in an Uptrend Over Past 90 Days

EUR/TRY Price Recap

6.5615 (USD) was the opening price of the day for EUR/TRY, resulting in yesterday being a day in which price moved down 225 pips 0.34% from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 38.16% from the day before — and down 26.24% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/TRY ended up ranking 35th for the day in terms of day-over-day price change. The price chart of EUR/TRY below illustrates.

EUR/TRY Technical Analysis

Notably, EUR/TRY crossed below its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 67.4 pips away. Volatility for EUR/TRY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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. Or to simplify this another way, note that out of the past 10 days EUR/TRY’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!