USD/TRY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Friday the greenback strengthened against the Turkish Lira, and the pair breached the 200-bar SMA and is trading close to pattern's resistance. Even though, currently the pair is trading below the 200-bar SMA, technical indicators on 4H and weekly charts are sending "buy" signals, suggesting an upside breakout. Furthermore, trading volume is decreasing, reinforcing a view of the upcoming breakout, which will occur not later than November 7. Traders are bounded in a 200 pips range, however, any move to the north, more than 40 pips, would put 2.0044 on the map, a level represented by a Fibonacci retracement.
© Dukascopy Bank SA
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