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The outlook for the EUR/TRY pair is negative and analysts at Commerzbank have a medium-term downside target at the August 2018 peak of 8.1147. 

Key quotes

“EUR/TRY’s outlook is negative. Our medium-term downside target is the August 2018 peak at 8.1147.”

“The 200-day moving average has been eroded and although we note a very oversold RSI (14), provided rallies remain capped by the 8.8977 November low our view will remain firmly bearish. Further down sit the August 12 low at 8.4582 and also the July high at 8.2961 and ahead of the August low at 8.1217.”

“Above 8.8977 November low lies the 8.9908 3 month downtrend and the 55-day ma at 9.1553 and while capped here the negative outlook will remain entrenched.”