February 03, 2023 12:04 GMT
CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Up
- A sharp drop in USDZAR Wednesday, reinforces a bearish theme. Recent gains appear to be a correction and a key short-term resistance has been defined at 17.4908, the Jan 31 high. A clear break of this hurdle is required to suggest scope for a stronger recovery towards 17.7601, the Dec 13 high. A continuation lower would open the next key support at 16.6950, the Jan 12 low.
- The primary trend direction in USDTRY is unchanged and remains up. The 18.8000 handle has been breached and the focus shifts to 18.9000. The 20-day EMA, at 18.7783 marks the first support.