USDTRY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 313 hours we were observing the appreciation of the greenback versus the Turkish Lire, and according to tools of technical analysis a penetration of the support line in the nearest future can be expected.
The majority of market participants (72%) are opening short positions, while indicators on a 1H chart are sending "sell" signals, also adding to signs a downside breakout can occur very soon. However, on a longer time frame, the appreciation of the pair is likely, as aggregate indicators on 1D charts are pointing at the movement into opposite direction.
© Dukascopy Bank SA
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