EUR TRY
EURTRY benefit from swapsThere are a lot of reasons why buying TRY OANDA:EURTRY is a good idea but to benefit from the interest rate is by far the best reason. Trying to get a foothold using the smaller TF's like m15 en h1.
Price Moving back to Support on The EURTRYLast post: June 2nd. See chart .
Review: Price had bounced off support and the bulls were looking strong again.
Update: The bull revival was short-lived and the bears are now taking price back to support.
Conclusion: We would like to see a reversal chart pattern and for the bull trend to continue. Patience needed for now.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
Elliott Wave Analysis: EURTRY Clearly With Room For More UpsideHello traders! Let's learn something.
FX:EURTRY has been trading bullish for some time, but at the end of May slowed down, clearly in a three-wave A-B-C correction with the same length of waves A=C, which are actually ideal three waves down in EW theory for a regular correction.
As we know, in EW, five waves indicate direction of a trend and EW also says that after every fives, a three-wave correction follows. If we take a look at chart, we can see really nice five waves up from 5.1759 lows and also slow three waves down, which means that we are trading near ideal support zone for a bounce between 50% - 61,8% Fibonacci retracement in a 5.28-5.34 area. Even if goes lower, we will remain bullish, as long as it's trading above 5.1759 invalidation level.
At the moment it doesn't matter, if it's going up in wave C or 3, we are always looking for a minimum expectation of three waves A-B-C or 1-2-3, so 5.63 is our first target, but if from any reason goes much more impulsive, then next target can be also 5.81 for wave 3.
The EURTRY Finding Strength AgainLast post: May 23rd. See chart.
Review: The bulls were very much in control of the market when post went up.
Update: Price saw a total intraday reversal which led to a pullback to pivot support. Price is now bouncing off from this level.
Conclusion: Standing aside until the resistance high of May is cleared when we look to add more long trades.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
EUR/TRY 1H Chart: Patterns point to declineThe common European currency has been strengthening against the Turkish Lira for a long period of time. This upside movement gained strength considerably early in May which resulted in a 18.40% surge during these three weeks.
After reaching the 5.73 mark earlier this week, the pair plunged 5% in one hour on May 23 and thus fell down to the upper boundary of the breached one-year channel at 5.32. The Euro has since recovered but has nevertheless failed to reach its previous many-year high of 5.73.
It is likely that bulls exhaust their strong upside momentum within the following sessions and initiate a new decline. A near-term target is the breached channel line, the 200-hour SMA and the monthly R2 at 5.35/30. Subsequently, the pair could edge even lower down to 5.20.
The Bulls Continue To Rule on The EURTRYLast post: May 20th. See chart .
Review: A breakout was required to suggest a trend continuation.
Update: A breakout followed was confirmed and further bullish moves have taken place.
Conclusion: A move towards 6.0000 with further opportunities to compound is now probable.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
A Bull Trend Continuation on The EURTRYLast post: May 13th. See chart .
Review: A break and close above April resistance was required to confirm a trend continuation of the bull trend.
Update: The breakout took place, offering a long entry, and a new resistance high has been created.
Conclusion: Patience needed until the current May resistance becomes support.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
The EURTRY Close to a BreakoutLast post: April 23rd. See chart .
Review: Price had pulled back to round number 5.0000 support.
Update: Price has bounced off 5.0000 support. Would like to see price break and close above April high.
Conclusion: Patience needed until the break and close has been confirmed.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
EURTRY ShortThe uptrend from late last week has been broken. It was actually broken last Friday before the market closed. Hard rejection from a previous and we've also produced a nice head and shoulders pattern. I'm short on EURTRY and will take profit in the 4.96-4.94 area.
Best of luck trading and as always, please comment your opinions below.
Thank you!
EurTry - Head and Shoulder forming - Price at resistanceShort opportunity from resistance with price retracing to the level of the left shoulder.
Monthly chart shows a retrace of last month's Pin Bar.
EUR/TRY 1H Chart: Fall still expectedEUR/TRY was dominated by bearish momentum following a test of the senior channel near 5.17 on April 11. This movement was constrained in a downward-sloping channel. The pair managed to reduce the trading range within this pattern and breach the combined resistance of the 55–, 100– and 200-hour SMAs and the above channel.
This session marked a strong surge for the EUR/TRY exchange rate which resulted in a test of the 5.00 mark during the day. This up-move has pushed technical indicators in or near the overbought territory. Thus, the following days might mark a bearish reversal. Even more, it is likely that the Euro tries to edge even lower and reach the senior channel located near 4.86/88 before starting a new medium-term surge.
EURTRY waiting for continuation of the uptrendEURTRY is in an uptrend for sure and price is reaching an interesting area, the trendline on the bigger timeframe.
I’m looking to get in around here and I prefer to add positions once price breaks the downward trendline, retests it and price action confirms higher highs and higher lows.
Amazing Times.. Rates %13,50. So lets watch the trend line.
13.50 rates can bring down the trend.
Maybe maybe not.
Lets see..
EURTRYIf Draghi will be successful at talking down EUR this could be a nice pair to trade HIGH CARRY
I'm in at 5.02 with sl at 5.04
The EURTRY Pullback EntryWe last posted on the EURTRY on April 10th when price had broken and closed above a very significant resistance level in the form of the round number 5.0000.
This would have offered a long entry into the bull trend for the more aggressive trader. However, here at Sublime Trading we tend to apply a little patience at certain areas of support and resistance to reduce the possibility of getting caught up in a fake breakout.
The EURTRY has so far behaved how we wanted and that is further moves in the direction of the bull trend followed by a retest of the 5.000 level as support followed by the required candlestick formation.
Given the quality of the setup, we have allocated a small risk, less than 2% to this pullback setup.
We would now like to see price move towards and break and close above the pivot high of April which will be a strong sign of a trend continuation. We would then like to see price move towards 6.0000 and offer further entries to compound.
This is looking strong for a trend continuation of the bull trend.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
EUR/TRY 1H Chart: Tended southThe common European currency has been appreciating against the Turkish Lira since early March.
During this time, the pair has moved higher in between the boundaries of a long-term channel. This appreciation allowed the pair to test this senior pattern at 5.18 on April 11. It subsequently edged lower and formed two new junior patterns.
The Euro is currently tangled around the 55– and 100-hour SMAs and the weekly PP circa 5.07. Technical indicators are bullish for the following session, suggesting that the aforementioned many-year high at 5.18 could be approached once again. This level, reinforced by the weekly R1 and the monthly R2, is likely to stand firm.
In the medium term, the pair is expected to maintain its downward-sloping tendency and move towards the bottom boundary of the senior channel in the 4.85/90 territory.
