Patterns: EUR/TRY, EUR/CZK
|EUR/TRY 4H Chart: Bulls could continue to prevail
The EUR/TRY currency pair has been trading upwards since the beginning of July. As apparent on the chart, the pair has already exceeded the 8.2500 level.
Given that the exchange rate is supported by the 55-, 100– and 200-hour moving averages in the 7.8730/8.1600 area, it is likely that bulls could continue to prevail in the market in the medium run.
Meanwhile, note that the rate could face the resistance level formed by the monthly R1 at the 8.4645 mark. If the given resistance holds, it is likely that a reversal south could occur.
EUR/CZK 4H Chart: Falling wedge pattern in sight
The EUR/CZK exchange rate has been trading within a falling wedge pattern since the beginning of June. As apparent on the chart, the rate has pierced the lower pattern line.
If the given pattern holds, it is likely that the currency pair could continue to decline within it in the medium term.
In the meantime, note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs. Thus, it is likely that a breakout south from the pattern could occur, and the rate could decline below the 25.50 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.