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EUR/TRY Still Can't Break Past Resistance

The EUR/TRY still can't break the important resistance around 4.17 - 4.18 Euros. As we can see on the chart below, the pair tried hard to break free only to be pushed back down below this level.
But I'm not ready to bet on EUR/TRY losses just yet. On the lower time-frames (below) we're seeing the struggle as well. All summer the pair has stayed ranged-bound. I see no reason for this to change now, so betting on more of the same and prices staying near here seems like a prudent choice.
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Turlish Lira Still Struggling to Make Headway

The Turkish Lira is still struggling to make headway post US-election day. On that faithful day prices peaked at 3.6915 but ever since, the EUR/TRY has been unable to achieve much. We are currently quoted at 3.7042, barely above that post-election high.
On our second chart below we see that the pair has made very little change during December. We opened that month at 3.6445 and we are now at 3.7042, a move of only 1 percent. This underscores the range-bound nature of this pair during this year.
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Turkish Lira to Continue Stabilization

The month of November started out unusually busy for the EUR/TRY. This pair usually doesn't move much. But in the aftermath of the US election, we saw a spike all the way to the 3.6900 level. Over 20 days later and the pair still can't surpass the highs seen on November 10th. This shows that we're finally stabilizing.
But that's only reason number one why I'm betting on stabilization in the EUR/TRY. The second reason is shown on the hourly chart below. Notice how no clear momentum can be seen he…
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Elens94 avatar
Elens94 1 Дек.

Good work

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Turkish Lira Still in Range

We'll do a two-part analysis on the EUR/TRY. First let's take a look at the long-term picture. On the chart below we can see that this pair has been stuck in a giant triangle pattern for the past 15 months. We've seen some retests of the top of the pattern in the past month but so far the formation is holding up.
Now let's take a look at a lower time-frame. The chart below shows the EUR/TRY on a daily chart. Notice how we're trading barely higher then where we were back in July of this year. Yes…
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No Change Expected for Turkish Lira

I expect to see little change in the price of the Turkish Lira versus the Euro. Exhibit A below shows that the pair has been stuck in a triangle pattern for the past 14 months (since August of 2015). This a trend-continuation pattern if prices finally manage to break through. But until that happens, betting on more of the same is a no-brainer.
Exhibit B shows a snapshot of the daily price movements. We again notice how the EUR/TRY is trading mostly range-bound since March of this year. We opened…
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fxsurprise8 avatar
fxsurprise8 31 Окт.

The EUR/TRY is now quoted at 3.3954, about 0.77% away from my 3.3692 forecasted price. So far in October we had a range of only 3.1 percent, with a high at 3.4418 and a low at 3.3357.

The movements have been range-bound as well with the pair opening at 3.3665, rallying to a high of 3.4418 in the first few days only to fall to a low of 3.3357 by October 21st.

Closer to the end of the month the lows got bought up and we're now quoted at 3.3954, fairly close to my target as noted above.

Overall my analysis has been mostly correct so far with the EUR/TRY. We're still inside the long-term range.

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Turkish Lira Still Stuck in Large Triangle

Volatility in the Turkish Lira is still subdued. The pair continues to trade inside a large triangle (see below). Until prices finally breakout higher or lower, we're going to see more of the same i.e. ever narrower ranges.
On the second picture below you can see the second reason why I'm betting on no change in September at 3.3015. The EUR/TRY spent all summer inside a range, bouncing between the highs at 3.42 and the lows near 3.17. The 50% Fib retracement of this range is at 3.30, which is al…
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EUR/TRY Returns to 'Fair Value'

The EUR/TRY returns to what appears to be fair value at the moment, around 3.2000. A rally in the pair during late April/ early May has now been completely retraced. The pair traded from a high of 3.4236 to a low of 3.1836 today.
I think the losses will stop here. Let's take a look at a long-term chart to see why. On the weekly chart below we notice that the EUR/TRY is still (kind of) inside that large congestion wedge area. This is also why prices had such a sharp reversal when they hit the top…
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