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TECHS: TRY Chart Level Focus

EMERGING MARKETS

TRY price action has been extremely volatile overnight. It is too early to assess from the charts how bearish underlying sentiment is likely to be near-term and the extent of any additional weakness in the currency - the dust will need to settle first. Key levels to watch though are:

USDTRY:

  • RES 2: 8.4707/5793 Intraday high / Nov 6 high and primary resistance
  • RES 1: 8.0470 Nov 24 low. Although breached, price is back below it
  • SUP 1: 7.6958 Intraday low
  • SUP 2: 7.3781 50-day EMA

EURTRY:

  • RES 2: 7.7674 76.4% retracement of the Nov 6 - Feb 18 downleg
  • RES 1: 9.7451 Intraday and the short-term bull trigger
  • SUP 1: 9.1523 Intraday low
  • SUP 2: 8.9232 50-day EMA

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