Lira continues to fall; 7.50 level is coming in focus


The pair continues to rise and hit new all-time high at 7.3951 on Monday.
Bulls extend into fourth straight week, registering 10.3% advance in the first half of August.
Lira came under increased pressure after correction from previous record high, boosted by measures of the central bank, ran out of steam and full retracement of 7.2683/6.6716 pullback signaled that further weakness was imminent.
Fresh extension approaches the first target at 7.4091 (Fibo 123.6% projection of 7.2683/6.6716) with more significant barrier at 7.50 zone (Fibo 138.2% . psychological) coming in focus.
Strongly overbought studies on all larger timeframes (day / week / month) have so far been ignored, suggesting that bulls remain firmly in play, however, some minor corrective actions cannot be ruled out.
Bullish bias is expected to remain intact as long as the price action holds above former record high at 7.2683.

Res: 7.3951; 7.4091; 7.4500; 7.5000
Sup: 7.3429; 7.3275; 7.3000; 7.2928