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Long

USDTRY: Will Long Support Result In New Heights?

FX:USDTRY   U.S. Dollar / Turkish Lira
USDTRY             is nearing Large Supports (2.91 - 2.88) and Resistances (3.00 and 3.06). It is inevitable that it will eventually break out, but to which direction? USDTRY             has been in a Longterm Uptrend for years now, and if the support is broken, it may jeopardize this trend and lead to the downfall of this currency pair. I believe that gramci_2's Pitchfork concept may hold to be true and that the midterm uptrend channel ( http://invst.ly/14ffl ) may remain strong, but in case of a breakout, it is destined to meet with Long Support. If this Support is to hold, it may result in a similar movement of last month unless the 3.06 resistance breaks (see Elliott Pattern). Else, if the support will break, I believe it will translate to a downtrend for USDTRY             . Do you agree?
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