EUR/TRY : The Currency Pair has made a Bullish Engulfing Pattern at the support which indicated that we might see a reversal.

From the time the currency pair is trading it's been rising  and made higher high, recently we have seen a correction which is showing some strength; where the currency pair has made LH and HL.

Will take a position on a contrarian basis, opposed to everyone; buying the pair for its retracement move.


At the support as mentioned earlier we have seen Bullish Engulfing, it's a reversal pattern but the next closing of the pair is within the 2nd candle which still does not confirm a strong buy.

As it is said that following the trend will give you more return, we are going to do the opposite so the returns here are 1:1.

As a risker it seems now better it can be if it sustains above 0.38% of the fibonacci ratio, our risk reward would change to 1:2

Risky Buy

Jul 20 2021

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