masis88
Long

USDTRY is looking for support!

FX:USDTRY   U.S. Dollar / Turkish Lira
We are watching a fast bullish attacks after the re-election of the city mayor decision by the Turkish government. 6.07 is the critical support and the lower band of the channel. Worth to chase it!
The reason of the sharp fall on friday was caused by 4.5billion usd sold by state-owned banks. Also the nightly overnight rate was increased from 24% to 25.5% these factors cannot shift uptrend into down. Thats why we can expect an up trend again in this week.
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Thanks for the chart. I also do not believe to look for shorts given the fundamentals. Also would not think about shorting until I see a break of the trendline (lower channel) as you have noted. Hoping to see price reach 61.8% fib level around 6.35
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masis88 mrsceleste
@mrsceleste, As Im being a turkish citizen I do believe the fundamentals are strongly suggests long USDTRY. Even if this channel is broken downwards, I will be thinking its a bear trap. I expect the channel will be continued by rising trend..
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@masis88, THANK YOU. great insight
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@masis88, did you see that wow..what in the heck
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masis88 mrsceleste
@mrsceleste, yeahh im watching. the turkis market is closed and no news in the press. it might be a technical breakout
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