EUR/TRY May Continue Its Uptrend

Looking at 4-hour chart, EUR/TRY traded sideways for the last few weeks within a triangle pattern and as we know, triangles are continuation patterns, so in this case, it's a bullish triangle. Currently we see that it's breaking higher out of a big bullish triangle, so we can expect more upside within a new bullish five-wave cycle towards new highs, where we see room for 6.0 area.

EURTRY, 4H

Looking at the hourly chart, be aware of intra-day three-wave A-B-C pullback into a wave (2), which may occur soon, because an intra-day five-wave rise into wave (1) can be approaching the end. However, ideal intraday support would be around 5.45 – 5.50 area, just keep in mind that we remain bullish and any drop should be only a temporary correction within uptrend as long as it's trading above 5.31 invalidation level.

EURTRY, 1H