Currency Analyst since 2010

EUR/TRY broke 2.9000 resistance level

By: Dima Chernovolov

  • EUR/TRY broke resistance level 2.9000
  • Next buy targets - 2.9750 and 3.0000

EUR/TRY has been rising sharply in the last few trading sessions – inside the 3rd minor impulse wave 3 (which is a part of the 3rd intermediate impulse (3) from March). This impulse wave earlier broke the daily Triangle from the start of March and the resistance level 2.9000 (as you can see from the daily EUR/TRY chart below). This double breakout greatly accelerated the active impulse wave 3.

EUR/TRY can be expected to rise further inside the active minor impulse wave 3 toward the next buy targets 2.9750 and 3.0000 (this resistance level earlier reversed the sharp intermediate correction (B) in the middle of December). Buy stop-loss can be placed below the former resistance level 2.9000.

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