EUR/TRY Down 160 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

EUR/TRY 4 Hour Price Update

Updated June 24, 2020 01:10 PM GMT (09:10 AM EST)

EUR/TRY is down 160 pips (0.21%) since the previous 4 hours (opening the current 4 hour candle near 7.7357), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, EUR/TRY gave its buyers a return that ranked 33rd in terms of percentage change since the previous 4 hours.

EUR/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/TRY is up 80 pips (0.1%) since the previous day (opening today near 7.749299891), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/TRY gave its buyers a return that ranked 9th in terms of percentage change since the previous day. Here is a price chart of EUR/TRY.

EUR/TRY Technical Analysis

Coming into today EUR/TRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for EUR/TRY 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 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

Of note is that traders in aggregate have opinions on EURTRY, with 4 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

FIRST TIME REVISITING ALL TIME HIGHESSELL SET UP SELL EUR/TRY ORDER TYPE ENTRY 1 7.7820ENTRY 2 7.8630SL 8.987TAKE PROFIT 1 7.7320TAKE PROFIT 2 7.2320TAKE PROFIT 3 6.320BUY SET UPBUY EUR/TRY ORDER TYPE BUY STOPENTRY 1 7.8920ENTRY 2 7.9830SL 7.865TAKE PROFIT 1 8.0320TAKE PROFIT 2 8.4320TAKE PROFIT 3 8.8220