Dear Traders,

Lets keep our focus on the euro and have a look at this chart.

I chose the euro turkish lira chart because price is right now at an area of support.

Todays candle will most likely close bullish showing that as expected bulls entered at support.

The area of support can be defined as 3.18900 to 3.15700.

If price continues to respect this level then a long target might be the area of 3.32700 to 3.36500.

But what cought my attention first was as can be seen with the blue area a spike down when Draghi spoke which could not be sustained.

There is absolutely no interest in the market to keep prices at the 3.12100 level.

So if price does not want to go down then it may be probable for it to go up.

If it does then it also respects the range for this pair that has been consistent since 4th of January 2016.

Wishing you the Best of Pips

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