USD/TRY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After taking on some bullish momentum and establishing a solid uptrend, EUS/TRY added a bottom boundary to form a rising wedge and potentially let bears gain strength amid lower highs which now have the potential to cause a reversal. Currently making its way towards the upper trend-line of the pattern, the pair will test 3.6423 before any weakness takes over and causes a break below the bottom boundary at 3.6282, which would open the way to 3.5977/62. The area could then cause a consolidation phase and initiate a retracement of the broken trend-line. With SMAs all lying below, the pair will have to show strong bearish potential to conclusively reverse.
© Dukascopy Bank SA
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