USD/TRY 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is trading in a descending triangle pattern against the Turkish Lira, as the currency exchange rate is very close to a breakout. The lower trend line, is very strong, as it is also supported by the 23.60% Fibonacci retracement level, which is located at 3.6722. The retracement levels for this pair are measured by connecting the 2017 high and 2016 low levels. It is assumed that the currency exchange rate will break out to the upside. In such case the rate would then face the resistance put up by the 200-period SMA, which is located at 3.7244. It is most likely that after the breakout a new medium term pattern will form.
© Dukascopy Bank SA
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