EUR/TRY Up 2 Pips in Last Hour, Tops All Forex; But Still in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated December 30, 2021 1:42 GMT)

At the moment, EURTRY’s rate is up 1.92 pips (0.13%) 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURTRY. Given that we see an uptrend on the 20 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)

EURTRY is up 91 pips (6.76%) since yesterday (opening today near 14.3522231896), marking the 4th straight day an upward move has occurred. EURTRY outperformed all 39 assets in the Forex asset class yesterday. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

Notably, EURTRY crossed above its 50 day moving average yesterday. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days EURTRY’s price has gone up 9 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 :). Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Aggressive intervention efforts last week saw the Turkish Lira gain +50% in a matter of days.