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    USD/TRY: Fibonacci analysis on 22.02.2016

    A growth is possible in the short term; however, a decline will continue in the medium term.

    On the 4-hour chart, the price has reached the 61.8% fan line, directed up, near the level of 2.9370 (50.0% correction). A breakout of the fan line might lead to a fall to 2.9275 (61.8% Correction) and 2.9160. If the price rebounds from the fan line, a growth would continue to 2.9590 (approximate overlap of the 23.6% correction for the short-term trend and the 38.2% correction for the medium-term trend).

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