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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

AUD/USD: Above 0.6300 on Good Friday holiday with eyes on China CPI

AUD/USD remains above 0.6300, despite stepping back from the monthly high of 0.6363 to currently around 0.6330, at the start of Friday’s Asian session. Markets in Australia/US are closed for Good Friday, Chinese markets are up with March month inflation data on the cards.

AUD/USD News

USD/JPY: The greenback ticks down, trades above 108.00 figure

USD/JPY consolidates gains above the 108.00 figure. The level to beat for buyers is the 109.50 resistance. USD/JPY bull trend stays intact as the spot trades above the 108.00 handle and the 50/200 SMAs on the four chart.

USD/JPY News

Why stocks are recovering and where next

The S&P 500 index has recovered around half the losses it suffered due to the coronavirus pandemic. Is bad news priced in? How much credit does the Federal Reserve deserve? Where next for equities?

Read more

Gold: Multiple upside barriers before crossing $1,700

Despite probing the multi-year high, marked on Thursday, Gold prices near the key resistances while taking rounds to $1,685 at the start of Friday’s Asian session. The Good Friday holidays in major markets are expected to limit the yellow metal’s moves.

Gold News

Gold: Multiple upside barriers before crossing $1,700

Despite probing the multi-year high, marked on Thursday, Gold prices near the key resistances while taking rounds to $1,685 at the start of Friday’s Asian session. The Good Friday holidays in major markets are expected to limit the yellow metal’s moves.

Gold News

Forex Majors

Cryptocurrencies

Signatures