TRYEUR closes within prior day's range after lackluster session
Turkish Lira/Euro (TRYEUR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
TRYEUR finished the month -1.59% lower at 0.1299 after gaining 2 pips (0.15%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TRYEUR as at Jun 30, 2020):
Tuesday's trading range has been 7 pips (0.54%), that's below the last trading month's daily average range of 18 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TRYEUR. Prices continued to consolidate within a tight trading range between 0.1288 and 0.1307 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 19th, TRYEUR actually lost -0.61% on the following trading day.
After spiking up to 0.1303 during the day, the FX pair found resistance at the 20-day moving average at 0.1300.
Although TRY/EUR is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 0.1307 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 0.1292 where further sell stops might get triggered. With prices trading close to this year's low at 0.1273, downside momentum could speed up should the forex pair break out to new lows for the year. As prices are trading close to June's low at 0.1281, downside momentum might accelerate should the pair mark new lows for the month.