The Turkish Lira continues to fall as EUR / TRY rapidly approaches the psychological 10.0000 around which it may well lose momentum, according to Karen Jones of Commerzbank.
“EUR / TRY is heading towards major psychological resistance at 10.0000. Around the latter, we would expect to see some loss of upside momentum. Above we have a Fibonacci extension at 10.10 and TD resistance on the weekly chart at 10.1596. ”
“The immediate upward pressure should be maintained as long as the currency pair remains above the 9.2024 October 22 low. Above, the four month support line is at 9.3921 and below, the October low at 8.9589. ”
“Our medium term bullish outlook will remain intact as the cross remains above the late September low of 8.7517 on a daily chart close basis. Below 8.7517 minor support can be found at the 8.7128 September low and also the 12-21 August lows at 8.4909 / 8.4582. “