USD/TRY is looking for patterns

USD/TRY is looking for patterns

2019-11-11 • Updated

Trade ideas

SELL 5.30; TP 5.2685; SL 5.3150

SELL 5.2380; TP 5.2230; SL 1.2430

USD/TRY has been trying to recover since the end of January. The pair formed a higher low. What we see on the chart may be a forming harmonic “Bat” pattern. It means that USD/TRY may continue higher, to 5.3040 to complete the pattern. In that area, it will likely meet resistance (there are also 50- and 200-day MAs in that zone) and turn down. If the pair fails to overcome resistances at 5.2605 and 5.2685, it will first go down to support at 5.2230.



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