USD/TRY: Fibonacci analysis
The price can start correcting up.

On the 4-hour chart, the price broke out the level of 2.9190 and reached the 50.0% arc along which it can start moving up to 2.9317 (61.8% correction), 2.9427 (50.0% correction) and 2.9538 (38.2% correction). A decline might continue if the level of 2.9080 (61.8% correction for the medium-term trend) is broken down. In this case, the price would fall to 2.8960 and 2.8820.

On the daily chart, the price reached the 61.8% arc along which it can grow to 2.9335 (50.0% correction) and 2.9600 (61.8% correction). The price might decline further to 2.8820 if the level of 2.9080 (61.8% correction) is broken down.

Trading tips

Buy the pair if the price consolidates above the level of 2.9190 with targets at 2.9317, 2.9427 and stop-loss at 2.9170.

Alternative scenario

Sell the pair below the level of 2.9080 with targets at 2.8960, 2.8820 and stop-loss at 2.9140.


Scenario

TimeframeWeekly
RecommendationBUY STOP
Entry Point2.9230
Take Profit2.9317, 2.9427
Stop Loss2.9170
Key Levels2.8820, 2.8960, 2.9080, 2.9190, 2.9317, 2.9335, 2.9427, 2.9538, 2.9600

Alternative scenario

TimeframeWeekly
RecommendationSELL STOP
Entry Point2.9070
Take Profit2.8960, 2.8820
Stop Loss2.9140
Key Levels2.8820, 2.8960, 2.9080, 2.9190, 2.9317, 2.9335, 2.9427, 2.9538, 2.9

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