EURTRY Down 0 Pips Over Past Hour, Entered Today Up For the 3rd Straight Day; Pin Bar Pattern Appearing on Chart
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurtry.
(Last Updated February 24, 2021)
Hello! This is the news page for EURTRY. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Euro Area ECB McCaul Speech | NA | Euro | EUR | 2021-02-24 | 13:45 GMT | ||
European Union European Council Meeting | NA | Euro | EUR | 2021-02-25 | 08:00 GMT | ||
Euro Area Consumer Confidence Final | Feb 2021 | Euro | EUR | 2021-02-25 | 10:00 GMT | -14.8 | |
Euro Area Economic Sentiment | Feb 2021 | Euro | EUR | 2021-02-25 | 10:00 GMT | 92 | |
Turkey MPC Meeting Summary | NA | Turkish Lira | TRY | 2021-02-25 | 11:00 GMT |
If we observe the 90 and 30 day timeframes, we see a downtrend in place for EURTRY.
Nuances in the trend on EURTRY can be understood by observing the behavior of its moving averages. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bearish, implying a downward trend, aside from a spike about 6 months prior.
Below is a chart showing EURTRY’s price with its moving averages.
In terms of correlations over the past week for EURTRY, it has demonstrated the strongest correlation with TRYJPY. EURTRY has been most correlated with TRYJPY over the past 14 days also, so this may be a structural correlation in the market. Alternatively, USDNOK has been the asset least correlated with EURTRY — but over the past two weeks, NZDCHF has been the asset least correlated with EURTRY. The chart below illustrates EURTRY against its least correlated assets.
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Currently, EURTRY’s rate is up 19.92 pips (2.36%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 10 week timeframe. Looking further out, the moving averages on the weekly 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’s weekly price action over the past 52 weeks can be seen via the chart below.
Clearest trend on the monthly is apparent at the 24 month timeframe.
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurtry.
The closest is the 200 day average, which is 2531.3 pips away.
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.
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.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
The closest is the 20 day average, which is 1182.2 pips away.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.