USD/TRY 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is declining against the Turkish Lira in a medium term descending channel. However, that might soon change. Together with the 23.60% Fibonacci retracement level of 3.7248 the upper trend line of the medium term channel is forming a descending triangle pattern. Simultaneously the currency exchange rate is in an ascending channel pattern, and its lower trend line is located below the triangle. Due to that reason it is imperative to look at the market sentiment to understand, in which direction the breakout from the triangle will occur. 72.20% of trader open positions are already short. The pair is oversold, which means that it will break out to the upside.
© Dukascopy Bank SA
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