Bulls are taking a breather under new two-week high
Strong three-day rally (the dollar advanced 1.3% against lira) is pausing under new two-week high.
Overbought daily stochastic and rising bearish momentum signal that fresh bulls are entering consolidative/corrective phase.
Broken 20DMA offers initial support at 5.9188, but deeper pullback cannot be ruled out.
Next strong level lays at 5.9030 zone (Fibo 38.2% of 5.8382/5.9432 recovery leg) and extended dips need to find ground to keep bulls in play.
Tuesday’s close above 5.9305 (Fibo 61.8% of 5.9875/5.8382) was bullish signal with shallow consolidation today and repeated close above 5.9305 to signal that bulls were taking a brief breather before continuing.
Conversely, stronger negative signal could be expected on break and close below 5.30 pivot.
Res: 5.9432; 5.9523; 5.9778; 5.9875
Sup: 5.9295; 5.9188; 5.9030; 5.8907