EUR/TRY Currency Pair Forecast

Evaluation of EUR/TRY currency pair downgraded after the last trading session.
(Updated on May 16, 2024)

EURTRY Signals & Forecast

The EUR/TRY currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at TRY 34.87 and TRY 34.73. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, March 20, 2024, and so far it has fallen -0.92%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Thursday, May 09, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for EUR/TRY currency pair

EUR/TRY finds support from accumulated volume at TRY 34.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved TRY 0.0446 between high and low, or 0.127%. For the last week the currency pair has had daily average volatility of 1.21%

Since the EUR/TRY has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: TRY 33.74 (-3.78%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 46 days ago.)

Trading Expectations (EURTRY) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect EUR/TRY to open at TRY 35.05, and during the day (based on 14 day Average True Range), to move between TRY 34.72 and TRY 35.42, which gives a possible trading interval of +/-TRY 0.348 (+/-0.99%) up or down from last closing price. If EUR/TRY takes out the full calculated possible swing range there will be an estimated 1.98% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at TRY 35.07 (0.01%) than the support at TRY 34.63 (1.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is EUR/TRY currency pair A Buy?

EUR/TRY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.525 Hold/Accumulate Downgraded

Predicted Opening Price for EUR/TRY of Friday, May 17, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.