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USD/TRY: Fibonacci analysis on 05.11.2015

A short-term downward correction is possible.

On the 4-hour chart, the price broke out the level of 2.8614 (38.2% correction) and may grow to 2.8807 (50.0% correction) and 2.8995 (61.8% correction). However, a downward correction may start from the crossover of 2.8807 with the 50.0% arc. A critical for this Bearish scenario is the level of 2.8614, after the breakdown of which a decline to 2.8379 (23.6% correction) would be possible.

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