After the violent drop registered since the beginning of the month, today USD/TRY bounced up from the support level 3.5210, at the intersection with the 78.6% Fibonacci retracement of the bullish impulse from June.
This morning the currency pair tested the previous daily low and failed to break it, as showed by the HLOC; price action then converged from the scalping to the multiday level giving us a condition of bullish confluence.
The RSI values also gathered above the 50 threshold on every timeframe, underlining the strength of the market, as relayed by the Algo Zones.
With a high probability to see the market close a bullish week (80%), as forecasted by the Market Statistics, we had confirmation of the buy signal provided by the Target Geometry at 3.5230.
The market rallied 165 pips from the entry point almost hitting target 8.
Price already retraced 50% from the daily high and seems to have found support at 3.5291: should the level hold we might have a continuation of the upmove toward the next resistance level and buy target at 3.5514.
