Commerzbank analyst Karen Jones thinks that the outlook for the EUR/TRY pair is positive.
Key quotes
“The market has virtually reached the target from the base at 6.97/99. The base measurement from the 6.4096-5.8351 range measures to 6.9841 and as this is in close proximity to the 50% retracement at 6.9750 and the midSeptember low at 6.9894. We made this our short term target. We would allow for some near term profit taking in this region.”
“A close above 7.00 would introduce scope to the 61.8% and 78.6% retracements, these lie at 7.24/7.63. This is considered to be the last defence for the 8.1147 August 2018 high.”
“Initial support is the 6.6054 end of March high. Below here support continues to be seen between the 200- and 55-day moving averages at 6.4233, 6.3264 and also at the January, February and March lows at 5.9727/5.9089.”
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