Dollartl
Breakdown Towards Lower Support Then Resume UptrendThe first support has broken, expecting a drop to the support line below and then a possible break up towards the end of the pennant which seems to be March. So.. short then long.
A great opportunity to buy in Turkish Lira.Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 5.0000 would begin in Midterm.
We will close our open trades, if the Midterm level 5.0000 is broken.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 33.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (5.51550 to 5.19000). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (5.51550)
Ending of entry zone (5.19000)
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 : @5.6870
TP2 : @5.9015
TP3 : @6.2090
TP4 : @6.4820
TP5 : @6.8320
TP6 : @7.0000
TP7 : @7.1200
TP8 : Free
