USD/TRY scopes to post fresh highs in the mid-term

USD/TRY scopes to post fresh highs in the mid-term

The USD/TRY pair has been having a positive week, following a recovery held since the Fibonacci level of 38.2% at 3.746. Such area could help to provide the enough momentum in order to ride towards the -23.6% Fibonacci level at 4.106. However, the resistance zone of 4.969 might be a hard nut to crack in the short term. That’s why we cannot discard a pullback at the current stage, in order to test the 50 SMA at daily chart.

RSI indicator is showing overbought conditions, supporting the mentioned scenario.




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