Euro vs Turkish Lira price edges lower amid rising selling pressure

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Euro vs Turkish lira slides 0.59% today

Highlights

EUR/TRY faces cautious intraday pressure after an upside gap, with sellers pushing prices near session lows.
Despite short-term weakness, key momentum indicators confirm strong bullish medium- and long-term trends remain intact.
Pair is likely to consolidate in a ₺52.57–₺53.93 range over 5 days, with a high probability of an upward breakout if resistance clears.

Anton Kharitonov, expert at Traders Union, notes that EUR/TRY is struggling below the short-term MA-20 and showing signs of intraday weakness despite positive momentum readings. He cautions that the current downside move, compounded by the absence of supportive news, exposes the pair to further retracement risks if support at ₺52.57 fails. Kharitonov finds that overbought signals on the weekly chart and the lack of fundamental catalysts limit upside conviction. He also warns that buyer dominance is fading, as indicated by the slide toward session lows. "A technical bounce is not guaranteed, and traders should remain defensive until clearer bullish confirmation emerges," Kharitonov says.

Viktoras Karapetjanc, expert at Traders Union, sees further growth opportunity for EUR/TRY as key weekly indicators align on the Buy side. He believes the bullish structure remains intact above dynamic support, with volatility supporting an upward break toward higher levels. Despite missing fresh news, Karapetjanc is confident that strong momentum readings reinforce positive sentiment. "The market offers multiple bullish setups, and I expect a move above ₺53.93 to unlock fresh highs," Karapetjanc affirms.

Bullish technical momentum as neutral oscillators support trend

Momentum readings remain positive, with the Moving Average Convergence Divergence (MACD) on daily and weekly timeframes signaling strong bullishness and the Average Directional Index (ADX) also indicating trend strength. Relative Strength Index (RSI), Stochastic RSI, and Commodity Channel Index (CCI) suggest the pair is neither overbought nor oversold, supporting the recent trending move. Bull/Bear Power (BBP) shows buyers remain dominant intraday, though the latest overbought signal on the weekly window warrants attention. Immediate dynamic support is at the Ichimoku Kijun (₺53.2059), with resistance at the MA-20 (₺53.2102).

Earlier, analysts noted that EUR/TRY faced short- and medium-term downside pressure as technical signals shifted toward bearish momentum. The current outlook, however, marks a shift to positive momentum and strong trend signals, making a potential bullish breakout above ₺53.93 the key level to watch in the days ahead.

Source of Data: EUR Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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