The Turkish Lira weakened substantially in the aftermath of the failed coup attempt. This in turn means that EUR/TRY prices rose, from 3.20 to a high of 3.41 before falling back. But things are starting to change somewhat. On the daily chart below we note that the pair has bounced off the top of the wedge. What wedge is this?
Take a look at our next picture below. The EUR/TRY has been stuck in a large wedge for the past year. With no clear momentum on the longer charts and prices returning to me…
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