USD/TRY ending a cycle around 3.800
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USD/TRY has been trading in a bullish tone above the 3.750 level across the board and currently it’s duplicating a cycle initiated since January 5th session. So far, the pair is facing a strong resistance below the Fibonacci extension level of 123.6% at 3.823, which should be considered as the end of the cycle mentioned above. The next target for USD/TRY, once it breaks below the 61.8% Fibo level, would be the 3.731 level.
RSI indicator remains in the negative territory, favoring to the bears.
