EUR/TRY Up 78 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

EUR/TRY 4 Hour Price Update

Updated June 23, 2020 01:10 PM GMT (09:10 AM EST)

EUR/TRY is up 78 pips (0.1%) since the previous 4 hours (opening the current 4 hour candle near 7.7576), marking the 2nd candle in a row it has gone up. Relative to other instruments in the Forex asset class, EUR/TRY ranked 11th the previous 4 hours in terms of percentage price change.

EUR/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/TRY is up 15 pips (0.02%) since the day prior (opening today near 7.7079719208), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/TRY ranked 24th the day prior in terms of percentage price change. Below is a price chart of EUR/TRY.

EUR/TRY Technical Analysis

The first thing we should note is that the current price of EUR/TRY is sitting close to its 20 and 50 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. 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. Or to simplify this another way, note that out of the past 30 days EUR/TRY’s price has gone up 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!