USD/TRY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has recently broken through the 15-month up-trend, which implies a strong negative long-term bias. In addition, there is a triangle emerging after a sell-off, further strengthening the case for weakening Dollar. USD/TRY is expected to close beneath 2.93 and resume the decline. And while the rate is highly likely to pass through the monthly S1 and February 4 low, bears might find it difficult to push the price beneath the 2.87/2.86 demand area. There, apart from the weekly S3 and December low, is the 200-day SMA. On the other hand, even if the Greenback jumps above 2.94, there is a nearly impenetrable supply area between 2.9850 and 2.98 that should trigger active selling.
© Dukascopy Bank SA
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