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EUR/TRY: Fibonacci analysis on 19.01.2016

A decline is likely to continue.

On the 4-hour chart, the price is testing the level of 3.2896 (23.6% correction), the breakdown of which allows the pair to decline to 3.2614 (38.2% correction) and 3.2384 (50.0% correction). The 38.2% and 50.0% fan lines are seen as additional supports from which a reverse is possible. If the price turns up at the level of 3.2896, a growth might continue towards 3.3350.

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