EUR/TRY Up 1 Pips Over Past Hour, Makes Big Move Relative to Past Month; Eyes 20 Day Average

Hourly Update

(Last Updated September 14, 2022 1:40 GMT)

Currently, EURTRY’s rate is up 0.97 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURTRY. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

A moment of silence, please, for the end of EURTRY’s 4 day up streak; price ended the day prior down 24 pips (-1.31%) to finish the day at a rate of 18.2181546734. Out of the 39 instruments in the Forex asset class, EURTRY ended up ranking 33rd for the day in terms of price change. Below is a price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

Coming into today EURTRY is now close to its 20 and 50 day averages, located at 18.167 and 18.0737 respectively, and thus may be at a key juncture along those timeframes. 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.