c4ss10p314

Watchlist candidate for USDTRY

Short
FX:USDTRY   U.S. Dollar / Turkish Lira
Hello world,

here we have a candidate which I have flagged for my watchlist. This is not a trade I am taking, just an interesting chart!

We have:
- a key weekly level reached
- quite some time without a proper retracement
- and highly overvalued RSI
- a bit of price action forming at this key level
- shorter then average previous candles (only) indicating (!) momentum loss
What I am waiting for?
- more confirmation in form of price action at this key level
- theoretically I would TEND to assume that price will see at least a 23% fib retracement

Apparently I do not know enough about the macro-economic situation regarding turkey. If anyone knows and sees this, feel free to comment.

All the best,
c4ss10p314
Trade active: still building up price action on upper weekly line. Set up remains in tact.
Trade active: Same as last update, still price action building up.

Comments

Turkey's economy contrary to the data released nearly 2 years in poor condition. In reality, a recession prevails and the economy, which is already in difficult conditions due to the epidemic, has completely stopped.
+1 Reply
c4ss10p314 Zenpara
@Zenpara, thank you very much. I've also looked into it.
Reply
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