EUR/TRY: Deeper downside correction on the cards - Natixis

Sandeep Kanihama FXStreet Contributor

Micaella Feldstein, Research Analyst at Natixis, suggests that the erosion of the 3.8430-3.86 area (weekly parabolic) for EUR/TRY pair is bearish as it undermines the weekly upside parallels and suggests a deeper downside correction.

Key Quotes

“Besides, downside parallels have emerged on the daily chart, underlining our bearish view for the coming days.”

“Against this backdrop, we anticipate a decline to 3.7810 (daily Bollinger lower band) ahead of the support at 3.7250 (weekly Bollinger moving average). We’ll be careful as a break of this last threshold would provide fresh bearish momentum to 3.5960 (Fibonacci extension) and 3.54 (9month moving average). The resistances are at 3.8430-3.86, at 3.9210, at 3.9720 and at 4.03.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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