USDTRY – bulls eye Fibo barrier at 3.7301 for extension towards 3.7994, Oct 9 spike high

Slobodan Drvenica Windsor Brokers

USDTRY

The pair maintains positive tone and hit marginally higher high at 3.7236 on Tuesday following Monday’s gap-higher opening, which further accelerated recovery rally from 3.6251 (13 Oct low).

Bulls are looking for renewed attempt through 3.7301 (Fibo 61.8% of larger 3.9414/3.3883 descend) which was dented on Oct 9 short-lived spike to 3.7994.

Close above 3.7301 pivot would generate bullish signal for extension towards lower tops at 3.7482 (07 Apr) and 3.7853 (09 Mar) and possible extension towards 3.7994 spike high.

Bulls are expected to remain fully in play while Monday’s gap stays intact. Gap’s lower boundary is reinforced by sideways-moving10SMA at 3.6651 and only sustained break here would sideline near-term bulls.

Res: 3.7236; 3.7301; 3.7452; 3.7853
Sup: 3.7035; 3.6838; 3.6651; 3.6410

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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