EUR/TRY Struggles To Stay Above 3.27
DAYTRADE PROFIT | Nov 04, 2015 06:21AM ET
EUR/TRY technical price forecast. At the beginning of 2014, we saw the entry reached to high records above 3.27 level.
Since then, it went down to 2.60 at January 2015, from there it made huge move, crossed the previous record and reached to 3.48 area the last august.
Closer look at the charts shows us a couple things:
The EUR/TRY pair is struggling to stay above 3.27 level. There is strong resistance zone at 3.02 area; previous support level provides a significant resistance to the price action.
If we see some more selling pressure in the EUR/TRY pair, the next key support level will come at 2.80 -84 area and from there it could go to 2.64-8 areas.
This will be key for the pair, with a break below would strongly suggest there’s been a change of bias in the markets. This would then prompt a move back towards the psychological level of 2.6000. Further fall will then be limited around the 2.57 area.
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