The EUR/TRY currency pair has been trading upwards within an ascending channel since the beginning of August.
From a theoretical point of view, it is likely that the exchange rate could continue to extend gains within the predetermined channel in the medium term. In this case the rate could face the resistance levels—the monthly R1 and R2, located at 9.2840 and 9.5004 respectively.
If the given resistance holds, it is likely that a breakout south could occur within the following trading sessions, and the currency pair could target the psychological level at 8.4000.
