USD/TRY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY cross is one of the most attractive pairs for traders right now. The pair has breached pattern's resistance, and after rising almost 150 pips, pulled back to pattern's support. This move is called a throwback, and it represents the great entering point for long traders. Moreover, technical indicators on a hourly and 4H are sending "buy" signals, supporting the case of further appreciation. As we assume the pair will move to the north, then it is worth paying attention at pending orders. Vast majority (87.50%) of traders are ready to buy the greenback against the Turkish Lira. The next important level for long traders is located at a recent high and weekly R2 at 2.2120.
© Dukascopy Bank SA
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