Bulls broke important Fibo barrier and hits new highest since Sep 2018
The pair broke important Fibo barrier at 6.6392 (Fibo 76.4% of 7.1074/5.1323 descend) on Wednesday and rose to the highest level since early Sep 2018.
Turkish lira continues to weaken during coronavirus crisis but losses are far lower from those that its counterparts from emerging markets suffered.
While lira was down around 6% in March, its peers were down 30% and more.
Low oil prices also helped lira to avoid more significant losses.
Bull-leg from 6.3789 (26 Mar trough) extends into fourth consecutive day, but strongly overbought daily indicators and fading bullish momentum warn that bulls may run out of steam in coming session.
On the other side, close above Fibo barrier at 6.6413 would generate bullish signal and unmask psychological 7.00 barrier, but corrective dips are expected to interrupt the rally.
Today’s US private sector jobs data and Manufacturing PMI could be a trigger on strongly disappointing results.
Res: 6.6623; 6.6957; 6.7498; 6.7833
Sup: 6.6413; 6.6082; 6.5185; 6.5000