Turkish Lira forming a symmetrical triangle

The Turkish Lira has seen a huge decline following the currency crisis which hit the country back in August.

USD TRY looks now to be in some kind of symmetrical triangle with the exchange rate squeezing in towards the 6.18 level.

Normally with this kind of triangle we would see the price breaking out to the upside.

We also notice that the current level is sitting nicely on the 50 Moving Average which seems to be acting as support thereby giving us more probability of an upswing when the triangle is complete.

What do you think?

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