USDTRY Detailed Analysis

FX:USDTRY   U.S. Dollar / Turkish Lira
115 1 2
Geo - Political News;
Due to Turkish Armed Forces trespassed the Syrian border without parliamentary approval, USDTRY             has increased.
By the way, there are some rumours that presidency election is planning to be held in June 2016


In case, it gets covered by the strong red trend's bottom line as a short-term support, it may try the all-time top level (3,06) again.I believe that many people bought USDTRY             in a range of 2,96-3,03 and 3,06 would be a nice sell point to get some profit. It makes all-time top is a strong wall to achieve.

It's highly possible that the red trend's middle line will be achieved even impatient small investors sell pressure through yellow trend.

In case yellow trend's bottom line falls, we need to stop our losses.

2,97 Yellow trend's middle line
2,94 Yellow trend's bottom line (-> below stop loss)

3,00 Yellow trend top line
3,06 Fibonacci retracement - all time top - red trend's middle line
If it rise to 3.06 again, it may break this resistance to up. Next target will be 3.15 - 3.18 area
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