EUR/TRY 1H Chart Emerging Pattern: Rising Wedge

by Admin

EUR/DKK 1H Chart

Emerging Pattern: Triangle

We continue to observe EUR/DKK’s performance, as the currency pair has just confirmed the upper boundary of the Triangle pattern, implying that the present bearish wave is likely to persist until the rising support line at 7.4542 is reached. Nevertheless, before that the price will have to breach intermediate levels located at 7.4562 (daily pivot point) and 7.4554 (200-bar SMA).


EUR/TRY 1H Chart

Emerging Pattern: Rising Wedge

EUR/TRY has formed a Rising Wedge on a 1H chart. However, we must note that the pattern is not at the tip of the bullish trend, meaning that it may not play out as intended in the end, i.e. not lead to a reversal. Still, a vast majority (73%) of market participants are expecting the Euro to weaken, even though technical indicators are pointing in a different direction.


EUR/SEK 4H Chart

Emerging Pattern: Triangle

While technicals are mixed and market participants’ sentiment is slightly bullish, the currency pair’s fluctuations are contained by the falling resistance line and the up-trend support line. If the Euro is to strengthen, it will encounter obstacles at 8.3971 and 8.4412, whereas an alternative scenario would entail a test of 8.3475 and possibly 8.3034.