USD/TRY 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently the pair reached November high at 2.2810; however, afterwards it started falling and by doing that it formed a descending triangle pattern.
US Dollar is trading around the upper trend-line and is nearing the apex of the triangle. There is a bigger down-side potential, since the pair has reached November's resistance. Moreover, the hourly technical indicators are pointing to the south, thus it is suggesting a decline. The SWFX traders' are also more bearish, as 67% of them have opened a short positions on the pair. If this is the case, then we are likely to see the pair reaching monthly PP at 2.2362, which was reached on 5th of December.
© Dukascopy Bank SA
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