Published On: Fri, Feb 24th, 2017

EUR/TRY: Fibonacci analysis

InstaForex

The reversal and the beginning of the upward correction are possible.

On the 4-hour chart the price stays within the downward trend, but is trying to be corrected to the level of 3.8570 (correction 23.6%). However the capacity of the downward trend in not exhausted, and is the price is set below the zone of 3.7600-3.7510 (correction 0.0%, lower border of the Bollinger Bands) the price can lower further.

The daily chart seems to be more interesting. The price lowered below the level of 3.8200 (correction 38.2%) and stopped at the correction fan line 8.2%, which can result in the development of the correction. In addition, The Stochastic is reversing in the oversold zone and can form a sell signal in the short term. In case of the backward breakout of the level 3.8200 the further growth target will be at the level of 3.9480 (correction 23.6%). If the price is set below the level of 3.7170 (correction 5 0.0%) the price can try to cross the upward fan to the level of 3.6170 (correction 61.8%).

Trading scenario

Open long positions is the price is set above the level of 3.7950 with the target at 3.8200, 3.8570. Stop loss is at 3.7800.

Alternative scenario

Sell the pair if the price is set below the level of 3.7510 with the target at 3.7170, 3.6170 and stop loss at 3.7740.

Аналитика Форекс

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