USD/TRY ending a bearish cycle, will resume the bullish bias?

USD/TRY ending a bearish cycle, will resume the bullish bias?

We have been seeing a huge action in the price of the USD/TRY pair across the board, after the measures taken by the Turkish Central Bank and the government by itself. Following the strong decline of TRY, finally we’re observing a corrective move in the US dollar against the Turkish currency, now trading around the Fibonacci level of 65% at 4.4619. If a rebound happens over there, then we might expect a rally to reach the Fibonacci zone of -23.6% at 5.0885.

RSI indicator remains in the negative territory.

USDTRYH1.png

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