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EUR/TRY: Fibonacci analysis on 13.01.2016

A fall continuation is likely.

On the 4-hour chart, the price broke down the level of 3.2753 (23.6% correction) that allows it to fall to 3.2497 (38.2% correction) and, in case of its breakdown around a crossover with the 50% fan line, to 3.2295 (strong level as 50% corrections for the short-term and long-term trends coincide here). However, from the level of 3.2497 the price might reverse and start growing along the 50% fan line towards 3.2753 and 3.3165.

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