Refer to my USD/TRY idea linked to this idea. When I trade one pair, I also like to study the market structure of correlating pairs. USD/TRY and EUR/TRY correlating pairs. In my high level analysis we see that both pairs experienced the nicest nice bounce off the 61.8 fib level and would have been a perfect entry point, as we can see price action was swift to the upside. Also, I used the bars tool simulator, taking a snipped from this pair's history to predict future movement. If history repeats itself, could this move be the future of this pair as well as that of USD/TRY since they correlate? Note, price is still respecting the trendline as well with this idea. Now we know that although in Forex history tends to repeat itself, the market is also dynamic. Many factors can impact price action. Be sure to watch the direction of the Turkish Lira. This idea is for demonstration and educational purposes only. Trade at your own risk. This is not a signal. Price could very well not reach these highs.
