A growth is possible in the short term; however, a decline will continue in the medium term.

On the 4-hour chart, the price has reached the 61.8% fan line, directed up, near the level of 2.9370 (50.0% correction). A breakout of the fan line might lead to a fall to 2.9275 (61.8% Correction) and 2.9160. If the price rebounds from the fan line, a growth would continue to 2.9590 (approximate overlap of the 23.6% correction for the short-term trend and the 38.2% correction for the medium-term trend).

On the daily chart, the price is approaching the level of 2.9335 (50.0% correction), near the crossover with the 50.0% arc. A breakdown of this level leads to a fall to 2.9080 (38.2% correction), near the crossover with the 61.8% arc. An upward dynamics would resume after a consolidation above the level of 2.9600. In his case, a target for the Bulls would be the level of 2.9930 (23.6% correction).

Trading tips

In the short term, buy the pair from the level of 2.9469 with the target at 2.9590 and, after a breakout of this level, 2.9780. Set stop-loss at 2.9370.

Alternative scenario

Sell the pair if the price reaches the level of 2.9335 with the target at 2.9080 and stop-loss at 2.9400.

USD/TRY: Fibonacci analysis

USD/TRY: Fibonacci analysis




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