EUR/TRY Up 2 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated December 28, 2021 1:43 GMT)

At the time of this writing, EURTRY’s rate is up 2.38 pips (0.18%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURTRY has now gone up 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on EURTRY. Given that we see an uptrend 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)

EURTRY is up 77 pips (6.2%) since the day prior (opening today near 13.140484442), marking the 2nd day in a row an upward move has occurred. For context, observe that the day prior was noteworthy in the sense that EURTRY bested all 39 of the assets in the Forex class. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURTRY’s price has gone up 7 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 14 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.