EUR/TRY Down 4 Pips Over Past Hour, Tops All Forex; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 14, 2022 1:43 GMT)

Currently, EURTRY’s rate is down -3.6 pips (-0.23%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 15.572632033, up 53 pips (3.5%) since the previous day. EURTRY outperformed all 39 assets in the Forex asset class the previous day. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

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 50 day average, which is 7581.8 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Volatility for EURTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURTRY’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.