USDTRY accelerates lower; pressured by thickening daily cloud; reversal pattern is forming on daily chart
The USDTRY pair stands at the back foot on Monday and eases to 3.80 support (Fibo 38.2% of 3.7280/3.8446 upleg), pressured by thickening daily cloud which twisted last week and limited rally from 3.7280
Reversal signal is forming on daily chart after Friday’s action ended in long-legged Doji, signaling that recovery leg from 3.7280 is stalling and fresh weakness on Monday is looking for completion of reversal pattern.
Stronger bearish signal would be generated on close below 3.80 pivot for extension towards a cluster of daily MA’s / Tenkan/Kijun-sen support at 3.7860/00 zone.
The notion is supported by daily RSI turning south and slow stochastic pointing lower after reversal from overbought territory and showing plenty of space to accommodate deeper pullback.
Falling daily cloud base marks solid resistance at 3.8151 which keeps the upside protected.
Res: 3.8151; 3.8446; 3.8458; 3.8798
Sup: 3.8000; 3.7860; 3.7800; 3.7725