Expected trend: Bearish
Target: 4.3000
Risk: 5.7800
Technical reasons:
The USDTRY pair started a bullish correction after placing 5.13 low, it stopped at 23.6% Fibonacci correction level, to rebound downwards again.
The last move inside an ascending channel is considered as a bearish flag that supports the chances of continuing the bearish trend on the short term and medium term basis.
All the price needs now is to break 5.25 to confirm triggering a new bearish wave, supporting the chances of achieving the double top pattern’s target at 4.30.
We need to consider that surpassing 5.69 then 5.78 levels is considered as the key to achieve new gains that start at 6.00 then 6.20.
Target: 4.3000
Risk: 5.7800
Technical reasons:
The USDTRY pair started a bullish correction after placing 5.13 low, it stopped at 23.6% Fibonacci correction level, to rebound downwards again.
The last move inside an ascending channel is considered as a bearish flag that supports the chances of continuing the bearish trend on the short term and medium term basis.
All the price needs now is to break 5.25 to confirm triggering a new bearish wave, supporting the chances of achieving the double top pattern’s target at 4.30.
We need to consider that surpassing 5.69 then 5.78 levels is considered as the key to achieve new gains that start at 6.00 then 6.20.