Turkish lira has taken another hit with EUR/TRY trading in new all-time highs, close to a 0.1 x 3 Point & Figure target at 10.3000 which may cap, in the view of Commerzbank’s Axel Rudolph.
Daily vertical upside target comes in at 10.3000
“EUR/TRY’s surge higher has taken it to a new all-time high at 10.2704, close to a daily 0.1 x 3 vertical Point & Figure upside target at 10.3000. Further up no Point & Figure upside targets are to be found at present, meaning that the cross may well stop rising around the 10.3000 target. In addition there is a daily Tom DeMark 13 combo count at 10.3098 which is also toppish.”
Much further up sits a 100%/423.5% Fibonacci cluster at 11.1246/11.3568 but we do not expect this to be reached anytime soon.”
“Slips should find support between the March highs and breached 2020-2021 resistance line at 9.9192/9.8437.”
“Medium-term upside pressure should be maintained while the currency pair trades above the last reaction low at the 9.5913 mid-April low.”
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