A gradual fall is likely to begin.

On the 4-hour chart, you can see that for a week, the price was consolidating below the level of 2.9165 but as it reached the 100% arc, it tried to grow. At present, the key level for Bulls seems to be at 2.9100 and its breakout could lead to a further growth along the 100% arc towards 2.9165 (61.8% Fibonacci correction), 2.9267 (50% correction) and 2.9427 (38.2% correction). Otherwise, the pair can fall to the levels of 2.8900 and 2.8740. On the daily chart, the pair is testing the level of 2.9100 (38.2% correction). Its breakout in the medium-term could lead to a growth towards 2.9375 (50% correction) and 2.9650 (61.8% correction). Otherwise, the pair can fall to 2.8765 (23.6% correction).

Trading tips

Short positions can be opened below the level of 2.9015 with targets at 2.8900, 2.8740 and stop-loss at 2.9080.

Alternative scenario

Long positions can be opened from the level of 2.9165 with targets at 2.9267, 2.9427 and stop-loss at 2.9100.

USD/TRY: Fibonacci analysis

USD/TRY: Fibonacci analysis

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