USD/TRY on a corrective phase, targets 4.4500

USD/TRY on a corrective phase, targets 4.4500

USD/TRY managed to make a pullback from the resistance level of 4.3689 and it seems we can expect further declines, as the pair is consolidating the price action below the 50 SMA at H1 chart. According to our projections, the USD/TRY pair scopes to reach the demand area at 50%, which coincides with the 200 SMA. Around 3.1963, we can expect further strengthening to reach the -23.6% Fibo zone at .4.4503.

RSI indicator remains in the negative territory, favoring to a lower extension.

USDTRYH1.png

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