Turkish lira stands at the back foot ahead of CBRT policy meeting

The pair extends recovery from 4.0040 higher base (low of correction from new record high at 4.1932) into third straight day, signaling that bulls are regaining traction after pullback.
Lira remains weak and correction was positioning for fresh extension of broader uptrend.
Today’s rally cracked 4.10 barrier (around 50% of 4.1932/4.0040 pullback) and broke above 10SMA (4.0843), bringing MA’s on daily chart back to full bullish setup.
CBRT rate decision on 25 Apr is the key event for lira this week. The central bank is expected to keep o/n lending and borrowing rates unchanged at 9.25% and 7.25% respectively.
Bulls remain on track for retest of 4.20 zone, with break higher to expose Fibo projections at 4.2655 (138.2%) and 4.3100 (161.8%).
Only return below 20SMA (4.0364) would weaken structure and risk deeper pullback on break below 4.0040 base.

Res: 4.1015; 4.1209; 4.1261; 4.1485
Sup: 4.0843; 4.0602; 4.0364; 4.0040