EURTRY Up 0 Pips in Last Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 15, 2020 23:17 GMT)

Currently, EURTRY’s rate is up 0.25 pips (0.03%) from the hour prior. The hourly chart shows that EURTRY has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 8.84433, up 5 pips 0.57% from yesterday. Relative to other instruments in the Forex asset class, EURTRY ranked 2nd yesterday in terms of percentage price change. Let’s take a look at price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

The first thing we should note is that EURTRY is now close to its 20 day averages, located at 8.7446 respectively, and thus may be at a key juncture along those timeframes. 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 30 days EURTRY’s price has gone up 19 them.

The View From Around the Web

Not much commentary on EURTRY that we’re finding noteworthy here; guess people aren’t watching this one :). 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