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    EUR/TRY: Fibonacci analysis on 12.02.2016

    A decline is likely to continue.

    On the 4-hour chart the price is testing the level of 3.2990 (23.6% correction), a breakdown of which would lead to a decline to 3.2796 (38.2% correction), 3.2642 (50.0% correction) and 3.2485 (strong level where the 61.8% correction for the short-term trend and the 23.6% correction for the medium-term trend have concentrated). Critical for Bulls seems to be the level of 3.3100. In case of its breakout, the price would grow to 3.3300 and 3.3470.

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