USD/TRY 1H Chart: Descending triangle in sight
The USD/TRY currency pair has been trading in a descending triangle since the end of August.
As apparent on the chart, a breakout from the pattern might occur in the nearest future. From the theoretical point of view, the pair should go downwards the support level formed by a combination of the weekly S2, monthly S1 and the Fibonacci 38.20% at 5.7597.
It is the unlikely case that some bullish pressure still prevails in the market, the US Dollar should not exceed the psychological level at 6.2000.
As apparent on the chart, a breakout from the pattern might occur in the nearest future. From the theoretical point of view, the pair should go downwards the support level formed by a combination of the weekly S2, monthly S1 and the Fibonacci 38.20% at 5.7597.
It is the unlikely case that some bullish pressure still prevails in the market, the US Dollar should not exceed the psychological level at 6.2000.
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