EUR/TRY Down 67 Pips, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

EUR/TRY Price Recap

The back and forth price flow continues for EUR/TRY, which starts today off at 6.5494 US dollars, down 67 pips 0.1% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 56.99% from the day before — and down 51.91% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/TRY ended up ranking 25th for the day in terms of day-over-day price change. The price chart of EUR/TRY below illustrates.

EUR/TRY Technical Analysis

The first thing we should note is that EUR/TRY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Volatility for EUR/TRY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 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 down 16 them.