USD/TRY: there may be a correction
Read the article on FBS website
Trade idea
SELL 5.7980; TP1 5.7700; TP2 5.7425; SL 5.8060
USD/TRY ran into the resistance of 5.83. Traders are taking profit and readjusting positions after a very big advance that happened on Monday. On the D1, a “hanging man” candlestick was formed. This allows us to expect correction down, at least to 5.77 (yesterday’s low) and probably to 5.7425 (Oct. 2 high, 100-period MA on the H4). The natural trigger to enter a sell trade will be the decline below 5.80 (50-period MA on the H4).
