USD/TRY 4H Chart: Double Top

The lower boundary of the double top pattern has recently been breached by bears. Since then USD/TRY depreciated by around four figures to reach an important support zone at 2.9328, which is represented by the weekly S2 and monthly S1. 4H and daily technical indicators are unclear with respect to the pair's future, while traders are favouring a rebound of the US Dollar in 56% of all cases. In case a revival takes place, we should see the pair climbing back toward the monthly pivot point above 3.00. From the other side of the coin, a failure at 2.93 will give the short traders enough impetus to push the Buck even more to the downside, with the main target level to be located at 2.8350 (monthly S2).