ForecastCity
Long

A great opportunity to buy in Turkish Lira. keep your eye on it.

FX:USDTRY   U.S. Dollar / Turkish Lira
DOLLAR/LIRA
Midterm forecast:
The current trend is uptrend and the forecast is continuation of the uptrend.

Technical analysis:
While the RSI resistance #1 at 83 is not broken, the probability of price increase would be too low.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 77.

Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (4.3200 to 4.1800). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (4.3200)
Ending of entry zone (4.1800)

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley", in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1= @ 4.4600
TP2= @ 4.5400
TP3= @ 4.7385
TP4= @ 4.9225
TP5= @ 5.0000
TP6= Free
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