EUR / TRY briefly broke the psychological 10.0000 bar and hit a new all-time high at 10.1969 before breaking above. The pair is now targeting the 9.3702 / 3515 area, reports Axel Rudolph, senior FICC technical analyst at Commerzbank.
“EUR / TRY’s rise from late May low of 7.3502 took it to a new all-time high of 10.1969 before starting to surpass as expected.
“The three month support line at 9.4871 has so far been reached, below which invite the early October high at 9.3702 and the five month support line at 9.3515. Further support comes between the September high, the October 22 low and the 55 day moving average at 9.2170 / 1779. ”
“Minor resistance now stands at 10.0033 November 3 high and key resistance at all-time high of 10.1969. Above it remains an hourly vertical target of 0.01 x 3 Point & Figure at 10.3100. However, we do not expect to achieve this goal and instead there is now another downside to be expected. “