The bias remains towards the downside for the Turkish lira as the US is getting ready for the rate hike. The recent weakness could be an opportunity to add into your position and we believe that the pair could take the resistance of 3 very soon.
Technically speaking, we have formed a descending triangle pattern, which is a bearish pattern and if we break this pattern , we could visit the levels of 2.81. Which once again will be another great level to get back in the trade. The price is trading below the 50day moving average, which reflects that the bulls are losing their control of the price but the bias is still towards the upside as long as we stay above the 100 day moving average which is shown in red.