USD/TRY appears to be walking its way towards the recent low level of 3.7290, as it extends the series of lower highs and lows since the pair was last reviewed.
The pair had a few weeks of consolidation to the north. However, it was stopped by the dominant downwards channel’s trend line and the combination of the weekly and monthly PPs near 3.8465 mark.
Furthermore, in regards to the future movement, the pair might continue trading downwards and is likely to breach the low level 3.7290. If and when this happens, it might find support at the monthly pivot point of 3.656, combined with the 200 – hour simple moving average.
