USDTRY Bullish Inverse Head&Shoulders or Bearish Desc. Triangle?
USDTRY may be forming an inverse head & Shoulders pattern which has a price target of 6,22.
Falling under 5,65 in the next couple of days invalidates i h&S pattern.
If Inverse Head & Shoulders fails, price will likely fall to 5,20 area which will be violation of 200 Day Moving Average and also the confirmation of the bearish descending triangle.
That being said, worths noting that both RSI is in bear territory (under 50) and Chaikin Money Flow is also in bear territory ( under zero) falling down sharply.
Traders better consider tight stop losses.
Trade safe.
Falling under 5,65 in the next couple of days invalidates i h&S pattern.
If Inverse Head & Shoulders fails, price will likely fall to 5,20 area which will be violation of 200 Day Moving Average and also the confirmation of the bearish descending triangle.
That being said, worths noting that both RSI is in bear territory (under 50) and Chaikin Money Flow is also in bear territory ( under zero) falling down sharply.
Traders better consider tight stop losses.
Trade safe.