USDTRY, descending triangle pattern, Sell signal!!

30 thg 9, 2019

The USDTRY pair has formed a descending triangle pattern in 4 hour chart. The pattern illustrates that lows are taking place at constant price whereas the highs are forming constantly lower than the previous. It can be noticed that pair is moving in a downtrend and formation of the descending triangle validates the downside move in the pair as it is often considered a continuation pattern. Even the RSI is trading below 40 ( indicating downtrend continuation) thus, supporting the above view on the USDTRY pair. Coming onto placing trade, there’s possibility of pair edging higher to the 5.6830 level and then falling or it might simply slump from the current level of 5.6570.
First target for the pair is at 5.6512 and next target at 5.5420. The stop loss for the pair is kept above the upper trend line at 5.7172.