The price might turn up and start growing.

On the 4-hour chart, the price broke down the level of 2.9538 (38.2% correction) and the 50.0% fan line, directed up. However, the fall would continue only if the level of 2.9427 (50.0% correction) is broken down. In this case, the price might reach the levels of 2.9317 (61.8% correction), 2.9190 and 2.9080. If the price rebounds from the level of 2.9427, it would move up to 2.9538 (38.2% correction), 2.9673 (23.6% correction) and 2.9895.

On the daily chart, the price broke down the crossover of the 50.0% arc and the 61.8% fan line with the level of 2.9600 (38.2% correction). At present, the nearest support level is at 2.9335 (50.0% correction) from which the price might fall lower towards 2.9080 (61.8% correction). If the price turns up and overcomes the level of 2.9600, it would continue growing gradually along the 61.8% fan line to 2.9930 (23.6% correction).

Trading tips

Buy the pair above the level of 2.9538 with targets at 2.9673, 2.9895 and stop-loss at 2.9470.

Alternative scenario

Sell the pair if the price consolidates below the level of 2.9427 with targets at 2.9317, 2.9190, 2.9080 and stop-loss at 2.9490.

USD/TRY: Fibonacci analysis

USD/TRY: Fibonacci analysis

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