EUR/TRY 1H Chart: Previous forecast at work
The EUR/TRY currency pair breached the falling wedge south. The rate has been trading south and reached the psychological level at 6.25.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, the general direction is expected to remain south within the scope of the next week. It is likely that this decline is bounded in a descending channel.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the 200-hour SMA, currently located at 6.4372.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, the general direction is expected to remain south within the scope of the next week. It is likely that this decline is bounded in a descending channel.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the 200-hour SMA, currently located at 6.4372.