USD/TRY: Turkish Lira Weakens Further and Eyes Record Low for Retest
The USDTRY rose to new highest since mid-Dec 2021 on Monday and broke through pivotal Fibo barrier at 16.41 (76.4% of 18.33/10.20) pullback that adds to positive signals.
Lira came under fresh pressure after Turkey CPI data last week showed that inflation rose to 73.5% in May from 70% previous month, also hurt by surging oil prices and sanctions on Russia, Turkey’s biggest trading partner, together with the EU.
Bullish daily techs favor further gains and possible retest of a record high (18.33), though fading bullish momentum and overbought conditions may temporarily slow bulls.
Extended dips should find firm ground above rising 20DMA to keep bias with bulls and provide better levels to re-join bullish market
Res: 17.0664; 16.6628; 16.8758; 17.2204.
Sup: 16.4189; 16.3358; 16.1546; 15.9813.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.