EURTRY climbs to highest close ever
Euro/Turkish Lira (EURTRY) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
EURTRY finished Wednesday at 8.3753 surging 2110 pips (2.58%) on low volume. This is the biggest single-day gain in over a year. Today's close at 8.3753 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 8.2490, EUR/TRY confirmed its breakout through the prior session high after trading up to 1886 pips above it intraday.
Daily Candlestick Chart (EURTRY as at Aug 05, 2020):
Wednesday's trading range has been 2714 pips (3.32%), that's far above the last trading month's daily average range of 1115 pips. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for EURTRY.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 8.2041 (now S1), which is likely to act as support going forward. The last time this happened on July 29th, EURTRY gained 0.48% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for EUR/TRY. Out of 157 times, EURTRY closed higher 54.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.06% with an average market move of 1.13%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are EURUSD gaining 0.52% and AUDUSD closing 0.42% higher. On the flipside the worst performers have been USDCHF closing -0.53% lower and USDCAD losing -0.4%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDTRY surging 2.08% and CHFHKD closing 0.53% higher. The worst performers of the day have been TRYJPY tanking -2.09% and USDNOK closing -1.58% lower. Read more