In analysis of September 16 entitled “USDTRY – level 3.0000 may cause a correction?” I wrote: “Close support is 3.00000, and after it has been broken below the next support level is on 2.90000. 38,2% Fibonacci retracement of last upward move strengthens the second support”.
And so it happened, round level triggered a correction. In last week there has been a test of level 2.9000. This provoked rebound which can bring price to 2.9900. Minimum range for correction has been completed – it was a fibo 38.2%. However it seems that the bears will not let it go so quickly and we will see at least another test of 2.9000. If this happens, bulls will play the double bottom pattern.
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Wider view, time-frame W1
USDTRY moves in a strong uptrend and fast trend line is currently at 2.8000. At this level there is also support and fibo 61.8%. If the supply acts quite strong, it is possible that the trend line will be tested before the price returns to uptrend.
