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    EUR/TRY: Fibonacci analysis on 29.01.2016

    A reverse and growth are possible.

    On the 4-hour chart, the pair is trading near the level of 3.2318 that seems particularly strong as 61.8% Fibonacci correction for the short-term and 50% correction for the medium-term trends overlap here. After a price consolidation below this level, the pair is likely to fall to 3.2000 and 3.1800 (38.2% correction for the medium-term trend). If price rebounds from the level of 3.2318, it could grow towards 3.2515 (50% correction) and 3.2710 (61.8% correction). 


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