The USDTRY has continued its move to the downside after breaking below the 38.2% retracement of the move up from the 2021 low to the 2021 high at 13.97304. The breaking of that level (and also the rising 100 bar moving average on the 4 hour chart just above it) sent the price tumbling further to the downside where it eventually found support near the 200 bar moving average and the 4 hour chart at 12.2956.
The price has bounced up off of that level quickly. The price currently trades at 13.5277. The topside watch for the 38.2% retracement at 13.97304 to provide resistance now. A move above would give the dip buyers against the 200 bar moving average more confidence. On the downside, falling back below the 50% retracement at 12.62128, and then the 200 bar moving average would increase the bearish bias.
