EUR/TRY – 27.10.2016
Surely Euro has made a lot of investors happy recently. Almost every week we see new highs.
On our previous analysis we have mentioned that EURTRY will not stay above 3.40 for a long time. Soon after it went down to 3.32 level. However geopolitic risks have pushed the EURTRY back to 3.40. Not the pair is trading at 3.3901
At this stage we don’t believe that EURTRY can break the 3.40 resistance. Even if it could, the rally will not last long. Our first price target is 3.33. After that we believe the sell pressure will continue and push the price to 3.28 level.
Once our targets are met, we will update our analysis.
This cannot be considered an investment advice!!