After some bearish dynamics in the past weeks, now the pair plays a bullish ABC correctional consolidation.
Therefore the price is close to long-term trendline, a close monitoring could spot several opportunity if the current dynamic still plays on.
The Relative Strength Indicator can provide insightful observation. See how it behaves when it is in consolidation...
This pair is playing pure structure as waves are not recognizable concerning to labels.
Market seems in "suspension" after break of the correction wave structure. The break of the small consolidation (on chart) may trigger new highs.
Happy trading!
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EURTRY corrects after 5 waves with price lying now at a big support (weekly).
It is similar to USDTRY (see chart below), however it gives much clear hints of a possible larger correction in near future.
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Happy trading!
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Now is a suitable time to long usd against turkish lira.
Turkish Central Bank refused to increase the base interest rate which is sitting at 7.5%
We expect this trade to take 2 to 3 weeks.
Cheers!
Invigilo FX
As you can see by my chart, every time the price has hit the top of the linear regression, and 0.04 on the MACD, the price has reversed back down again with the CCI, DeMarker and Stoch RSI gradually falling back into their respective channels. Without consideration of any further shocks to the market, I think that political instability, the conflict in the south...
