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    EUR/TRY: Fibonacci analysis on 19.02.2016

    The price is likely to continue trading within a sideways range.

    The 4-hour chart shows that, for the second weeks already, the pair has been trading within a sideways range of 3.2796-3.3300 (38.2% and 0.0% corrections, respectively) and testing its borders. At present, the price has fallen below the level of 3.2990 (23.6% correction) and might continue moving down to the lower border of the range 3.2796. At this level, the price might reverse and start growing to 3.2990 and 3.3300. Any significant growth or fall would be possible only after the price consolidates either above or below the range borders.

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