EUR/TRY Up 67 Pips, in a Downtrend Over Past 14 Days; Nears 20 and 50 Day Moving Averages

EUR/TRY Price Recap

The choppiness in the recent daily price action of EUR/TRY continues; to start today, it comes in at a price of 6.55606 US dollars, up 67 pips (0.1%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 14.37% from the day prior, but down 1.27% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/TRY ranked 11th yesterday in terms of percentage price change. Here is a price chart of EUR/TRY.

EUR/TRY Technical Analysis

Coming into today EUR/TRY is now close to its 20, 50, 100 and 200 day averages, located at 6.573, 6.5607, 6.4614 and 6.4494 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 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. For additional context, note that price has gone up 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.