USD/TRY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached its more than a four-year high, the pair slightly retreated to the pattern's support that prevented a further decline and gave the pair impulse to jump. At the moment, USD/TRY is struggling near the pattern's support at 1.9908. If overcome, the pair may see a further decline towards a cluster of support levels at 1.9851/7144. However, the pair may also regain strength as it approaches the apex of ascending triangle that is considered to be a bullish pattern. If the pair manages to change its direction and move upwards, it is likely to see resistance lines at 1.9984 (daily R1) and 2.0037 (daily R1-R2).
© Dukascopy Bank SA
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