EUR/CZK 1H Chart: Bears likely to prevail

The Euro has been depreciating against the Czech Koruna since the end of December. This movement has been bounded within the descending channel.

Note that the EUR/CZK currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 25.14/25.23 range. Thus, it is likely that some downside potential could prevail in the market. In this case the pair could decline below the psychological level at 25.00.

It is unlikely that bulls could prevail in the market, and the Euro could exceed the Fibonacci 62.40% retracement at 25.56 against the Czech Koruna.

EURCZK

 

EUR/TRY 1H Chart: Short-term decline expected

The EUR/TRY exchange rate continued to trade within the rising wedge pattern (4H time-frame chart). As apparent on the chart, the rate reversed south from the upper pattern line at the beginning of January.

From a theoretical perspective, it is likely that some downside potential could prevail in the market, as the currency pair should target the lower pattern line located in the 6.4500 area.

If the given pattern holds, it is likely that a reversal north could follow. Otherwise, a breakout south could occur. In this case the exchange rate could gain support of the Fibonacci 61.80% retracement at 6.3791.

EURTRY

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Analysis feed

Latest Forex Analysis

Editors’ Picks

AUD/USD: Weak below 0.6700 ahead of Aussie Q4 Wage Price Index

AUD/USD awaits fresh direction near seven days’ low while taking rounds to 0.6690 at the start of Wednesday’s Asian session. Broad risk-off based on coronavirus fears, bearish RBA minutes failed trade-positive nears from China.

AUD/USD News

USD/JPY: A touch lower than 110.00 amid broad US dollar strength, risk-off

USD/JPY trades mildly positive to 109.90 during the early Asian session, ahead of the Tokyo open, on Wednesday. The risk barometer recently failed to portray the market’s fears from China’s coronavirus amid broad US dollar strength.

USD/JPY News

Altcoins push hard not waiting for a Bitcoin reaction

The Altcoin market has only needed one business day to see prices rise sharply again. Bitcoin, still, has adopted the anchor function and for the moment is giving up the battle for the $10000.

Read more

Gold firmer, near $1,600/oz on coronavirus fears

Renewed fears around the Chinese coronavirus (COVID-19) have been supporting the demand for the safe haven metal in past hours, taking the ounce troy to levels just shy of the key $1,600 mark.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures