The Euro has lost some value against the Turkish Lira over the past months but has reached the goal for its wave A in green. Now, it is time for another push against the Lira, before longer downward movements set in.
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Huge sell off on the EUR this past week, I was looking at this as a chance to long back up to resistance as it is oversold but looking at the bigger picture I think it is best to hold off at the moment. The situation is very bearish and there will certainly be swing trading opportunities here but the trend is going down and longing anything here seems like a big...
This has formed a support level at the current price area. This is a good entry point with SL just below the lowest low, TP is at -0.272 Fibonacci which would be a new all time high.
FIRST TIME REVISITING ALL TIME HIGHES
SELL SET UP
SELL EUR/TRY
ORDER TYPE
ENTRY 1 7.7820
ENTRY 2 7.8630
SL 8.987
TAKE PROFIT 1 7.7320
TAKE PROFIT 2 7.2320
TAKE PROFIT 3 6.320
BUY SET UP
BUY EUR/TRY
ORDER TYPE BUY STOP
ENTRY 1 7.8920
ENTRY 2 7.9830
SL 7.865
TAKE PROFIT 1 8.0320
TAKE PROFIT 2 8.4320
TAKE PROFIT 3 8.8220
Unless the support 7.17 is not broken and price stays underneath that level for 3 days in a row I would expect the currency to reach 7.5X levels and the graph should be updated accordingly.
One of my favourite pairs this weekend. So much confluence for an upside leg. Let's break it down.
1) Price printed a doji on the last trading day. That is a somewhat sign of reversal.
2) Price printed the doji at a strong area of support . We can see how many times the price has jumped from this area in the past (green circles)
3) Price printed the doji at a...
Watch out for EUR/TRY. It is currently holding strong above the 4H 50 EMA.
The next step could very well be a breakout of the consolidation to the up side.
Trade safe.
EURTRY has been clearing up-trending for over a decade. The upside momentum has been significantly stronger in recent years, as seen by the more aggressive trend support lines. How long will the upside continue? Is price finally reaching a high?
The main reason for me wanting to open a long-term short on EURTRY is the positive swap rate. I personally believe that...
I'm back with the EURTRY to do a add-to-position. If you have followed me on the EURTRY, it's an idea to consider an increase of position. Just a moment ago, disappointing quarterly jobless average (dec) figures came out of Turkey. With the EU going somewhat stronger, I trust this one over the next week to continue upwards. Be aware that EU is in a strange place...
