USD/TRY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/TRY is still trading within the boundaries of the double bottom pattern. After forming the second low, the pair decided rise and is currently facing the daily R1 at 2.2301. Despite that, the only strong resistance, which has enough strength to stop the Greenback from gaining value, is located at 2.2389 (weekly R1) just below the pattern's trend-line. The short-term advanced is suggested by 1H technical studies, while in the medium-term the mentioned resistance is likely to push the pair downwards. Therefore, there is an opportunity for the pair to form a triple bottom pattern in the future. Concerning the market sentiment, at the moment 54% of traders are holding long positions on US dollar.
© Dukascopy Bank SA
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