After reaching a new low on June 5th at the price area of 5.655, we watched the trend reverse on June 6th breaking the 23.6 Fibo correction up, yesterday the pair broke the 38.2 Fibo correction up and the price is currently travelling up to the 50% correction level.
Looking at our indicators, we see that Williams % R confirms that the price left the oversold area on the 6th of June.
Our lines are nearing each other and getting ready to intersect, the price broke the 9 up and our has reversed and moving upwards with the price.
As a result LONG positions look favorable with price targets at 5.95 area (50% Fibo) followed by 6.0 area (61.8 fibo).
Fundamentally – tensions between United Stated and Turkey are escalating and fear of US sanctions are bringing the pair up. The tension is due to Turkey purchasing the Russian S-400 missile defense system.Turkeys account deficit was released today at a widened figure of 1.33B. End year CPI forecast came in at 15.85% compared to the previous fact of 16.68%.
In the United States all the limelight will be on Retail sales, thus far the forecast looks for the USD