EUR/TRY Down 10 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Doji and Pin Bar Patterns Appearing on Chart

EUR/TRY 4 Hour Price Update

Updated June 19, 2020 09:23 AM GMT (05:23 AM EST)

The choppiness in the recent four-hour candle price action of EUR/TRY continues; to start the current 4 hour candle, it came in at a price of 7.6901, down 10 pips (0.01%) since the previous 4 hours. Compared to its peers in the Forex, EUR/TRY gave its buyers a return that ranked 17th 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 down 4 pips (0.01%) since the day prior (opening today near 7.685582), marking the 4th day in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/TRY ranked 28th the day prior in terms of percentage price change. Here is a price chart of EUR/TRY.

EUR/TRY Technical Analysis

Notably, 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days EUR/TRY’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURTRY, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

on DAILY: EURTRY is still sitting around a strong supply zone and All-Time-High so we will be looking for objective sell setups on lower timeframes….on H1: EURTRY broke below our red trendline but we didn’t sell yet, as we always wait for a momentum candle close below the last swing for extra confirmation….meanwhile, until the sell is activated, EURTRY would be overall bullish and can still test the upper supply zone before going down.