EURTRY climbs to highest close ever

Euro/Turkish Lira (EURTRY) Technical Analysis Report for Aug 10, 2020 | by Techniquant Editorial Team


EURTRY rises to highest close ever
EURTRY closes within previous day's range


EURTRY ended Monday at 8.6135 gaining 483 pips (0.56%). Today's close at 8.6135 marks the highest recorded closing price ever. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (EURTRY as at Aug 10, 2020):

Daily technical analysis candlestick chart for Euro/Turkish Lira (EURTRY) as at Aug 10, 2020

Monday's trading range has been 2853 pips (3.34%), that's far above the last trading month's daily average range of 1468 pips. Weekly volatility is also higher, being way 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 Bullish Spinning Top. The last time a Bullish Spinning Top showed up on July 23rd, EURTRY gained 0.50% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for EUR/TRY. Out of 139 times, EURTRY closed higher 55.40% 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 65.47% with an average market move of 1.10%.

With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are EURUSD losing -0.42% and USDCAD closing -0.25% lower. On the flipside the best performers have been USDCHF closing 0.34% higher and GBPUSD gaining 0.17%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDTRY surging 1.04% and CADCHF closing 0.6% higher. The worst performers of the day have been TRYJPY tanking -0.96% and EURCAD closing -0.67% lower. Read more

Market Conditions for EURTRY as at Aug 10, 2020

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