EUR/TRY 1H Chart: Upside potential apparent
The Euro has been trading in an ascending channel against the Turkish Lira since the beginning of current week.
As apparent on the chart, the Euro has reached the upper boundary of this pattern. In addition, technical indicators are in favour of bullish scenario. These two factors allow to think that a breakout is due in the nearest future.
Traders should look out for the 0.00% Fiboncacci retracement at the 8.103 mark. In case, this mark is not breached, it is likely that the bearish sentiment takes over the pair.
As apparent on the chart, the Euro has reached the upper boundary of this pattern. In addition, technical indicators are in favour of bullish scenario. These two factors allow to think that a breakout is due in the nearest future.
Traders should look out for the 0.00% Fiboncacci retracement at the 8.103 mark. In case, this mark is not breached, it is likely that the bearish sentiment takes over the pair.
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