USD/TRY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for a significant depreciation. It is the main presumption behind the Double Top patterns - pair fails to consolidate at the new (recent peak is the all time high already) and gradually returns to the pervious trading levels. Current bounce should be seen only as a mild bullish correction due to the cluster of significant technical levels at 2.0209/117. It is worth pointing out that Fibonacci retracements (9th to 28th of August move) have significant impact on the pair development. 38.2% almost coincides with the pattern's support and 23.6% retracement is currently tested level which caused some turbulence after the formation of the first top.
© Dukascopy Bank SA
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USD/TRY 1H Chart: Double Top

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