USD/TRY: there may be a correction

USD/TRY: there may be a correction

2019-11-11 • Updated

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). 



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