EUR/TRY Down 68 Pips, in a Downtrend Over Past 14 Days; Nears 20 and 50 Day Moving Averages

EUR/TRY Price Recap

EUR/TRY is down 68 pips (0.1%) since yesterday (with its current price near 6.5426), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 117.82% from the day prior, but down 7.72% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/TRY ended up ranking 23rd for the day in terms of day-over-day price change. The price chart of EUR/TRY below illustrates.

EUR/TRY Technical Analysis

Coming into today the current price of EUR/TRY is sitting close to its 20, 50, 100 and 200 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 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 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!