A downward correction may start.

On the 4-hour chart, the price has consolidated above the level of 2.8965 (23.6% correction) that may lead to upward movement towards 2.9210 and 2.9415 (23.6% correction for the medium-term trend). However, the price may alternatively turn down and start declining along the 61.8% arc to 2.8965, 2.8816 (38.2% correction) and 2.8693 (50.0% correction).

On the daily chart, the price broke out the level of 2.8720 (38.2% correction) and continues moving up along the 50.0% arc. Bullish targets seem to be the levels of 2.9235 and 2.9415 (23.6% correction). Otherwise, if the price reverses and breaks down the level of 2.8720, it would decline to 2.8160 (50.0% correction).

Trading tips

Short positions can be opened below the level of 2.8965 with targets at 2.8816, 2.8693 and stop-loss at 2.9050.

Alternative scenario

Long positions can be opened if the price consolidates above the level of 2.9090 with targets at 2.9210, 2.9380 and stop-loss at 2.9000.

USD/TRY: Fibonacci analysis

USD/TRY: Fibonacci analysis

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