This is my 1st time analyzing the US Dollar/Turkish LIra, and I must say that the currency pair's Price Action is actually beautiful since it's inception. IMO.
Bias - Bullish
I believe we'll see the bears enter the market in this upcoming trading week. However, I also feel it'll be short-lived due to a few reasons so let's build our Confluence.
Confluence (3 or more) :
1. Price hit a HTF bullish Order Block ($5.2902) back in 2019.
2. Upper Order Block was breached on it's 1st hit. Precursor.
3. Price Action based within upper Order Block before engulfing it completely.
Another way of looking at this pair is by tracking the US Dollar Index which is extremely bullish at the time of me typing this to you all. In conclusion, I would only look for long opportunities since anything else is considered a counter trend move. Yes, you can make profit either direction IF you know what to do. We shall see.
Bias - Bullish
I believe we'll see the bears enter the market in this upcoming trading week. However, I also feel it'll be short-lived due to a few reasons so let's build our Confluence.
Confluence (3 or more) :
1. Price hit a HTF bullish Order Block ($5.2902) back in 2019.
2. Upper Order Block was breached on it's 1st hit. Precursor.
3. Price Action based within upper Order Block before engulfing it completely.
Another way of looking at this pair is by tracking the US Dollar Index which is extremely bullish at the time of me typing this to you all. In conclusion, I would only look for long opportunities since anything else is considered a counter trend move. Yes, you can make profit either direction IF you know what to do. We shall see.