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USD/TRY is currently eroding the up-trend line, meaning that we are unlikely to see continuation of U.S. Dollar's appreciation in the nearest future, as we did in the recent past, unless the currency pair rebounds from the support at 1.9181 and returns back above the 200-hour SMA despite the mixed signals of the technical indicators.
However, traders are already positioned for a strong decline in the exchange rate—71% of open positions are short, even though there is a chance the break-out was false.
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