The EUR/TRY pair is trading below its downward trend line on a 4 hour time frame. The price is trading in minor support zone which is mentioned below. It certainly has the odds on its side with respect to change in the direction of the current trend. This is the fresh level of support and what we mean by this is that this is the first time we are in this support zone and the last time we were at this level, the price moved sharply higher. However, there is another support level which is below this level and it represents much better opportunity.
The RSI are the MACD are trading near their oversold levels but still trading inline with the price action which means that the current direction of the trend does have momentum behind it. But, certainly a cautious approach could be a good idea here.
3.279- 3.25 Support Zone – Minor
3.162-3.137 Support Zone Major
3.442-3.47 Resistance Zone