EUR/TRY 4H Chart: Two Scenarios Likely

Technical analysis of Forex market

Since November, the EUR/TRY exchange rate has been trading within a falling wedge pattern.

From a theoretical perspective, it is likely that the currency pair could continue to depreciate within the predetermined pattern until the beginning of April. Then, the pair could breach it north and target the 10.20 level.

In the meantime, note that the exchange rate is supported by the 55-, 100– and 200-period moving averages in the 8.5760/8.7580 area. Thus, a breakout north could occur sooner.