JFD_Research

EURTRY - Daily - More weakness from the Lira?

FX:EURTRY   Euro / Turkish Lira
Trade Alert

EURTRY is currently balancing just slightly above the short-term upside support line, taken from the low of the 16th of August. If that line continues to hold, then we could see further acceleration of the rate, where the 7.6200 level could get tested. If this won't be enough for the bulls, then we could see another attempt to try and hit the 8.0060 barrier, marked by the highs of the 13th and the 30 of August.

On the downside, a break and a close below the aforementioned upside line could invite more bears to the table and the rate could fall to 6.9975. For us to get comfortable with the possibility of further declines, we would need to see a close below the 6.9975 zone, where we could then aim for the 6.4865 level, as the next potential support.

Always have your SL in place.
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