Turkish lira weakens further and eyes record low for retest, in very negative environment
The USDTRY rose to new highest since mid-Dec 2021 on Monday and broke through pivotal Fibo barrier at 16.41 (76.4% of 18.33/10.20) pullback that adds to positive signals.
Lira came under fresh pressure after Turkey CPI data last week showed that inflation rose to 73.5% in May from 70% previous month, also hurt by surging oil prices and sanctions on Russia, Turkey’s biggest trading partner, together with the EU.
Bullish daily techs favor further gains and possible retest of a record high (18.33), though fading bullish momentum and overbought conditions may temporarily slow bulls.
Extended dips should find firm ground above rising 20DMA to keep bias with bulls and provide better levels to re-join bullish market
Res: 17.0664; 16.6628; 16.8758; 17.2204
Sup: 16.4189; 16.3358; 16.1546; 15.9813