EURTRY Down 1 Pips Over Past Hour, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 16, 2020 23:16 GMT)

Currently, EURTRY’s rate is down -0.51 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURTRY has now gone down 9 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 back and forth price flow continues for EURTRY, which started today off at 8.86711, down 1 pips 0.06% from the previous day. Relative to other instruments in the Forex asset class, EURTRY ranked 23rd the previous day in terms of percentage price change. Below is a price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

The first thing we should note is that EURTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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. 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. For additional context, note that price has gone up 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much commentary on EURTRY that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. As for the rationale, technical traders seem to be citing the appearance of a moving average technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Turkey’s up-and-down relationship with Greece has been causing unwanted tension in the forex market. Even after weeks of conflict between the two countries, it looks like even the announcement that they’re willing to start talks to resolve the issue wouldn’t be enough to ease worries. The EUR/TRY pair’s 50-day moving average will continue its upward trend after its surge against the 200-day moving average in early August, and it looks like the tables won’t turn until the countries come up with a definite agreement. Meanwhile, the European Central Bank is content with the jumping euro because its president Christine Lagarde postponed her decision on interest rate policies to next week. Moreover, its gross domestic product contracted less than the market expected for the second quarter of 2020 compared to the first quarter. July had seen an 11.8 percent decline, less than the 12.1 percent initially estimated. The notion that the eurozone is improving faster than expected is projected to help the falling lira near-term.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram