A new TRY appreciation remains under question

EURTRY reached levels of serious support from 200SMA and after bouncing off it there is a breakout of the main diagonal of the mid-term downward trend in the pair. This creates the possibility of short-term consolidation around these levels and supports the scenario of a further depreciation of the Turkish lira.

Technical DeM (14) reverses into a resale zone below 0.3 and points upward, which coupled with the two strong bullish bars gives precedence to the expectation of raising the euro against the Turkish lira.

Expectations in the next two weeks are to reach levels around 6.50 where the next major horizontal level and proximity to Ichimoku cloud.

 Trader Nikolay Georgiev

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