Search ForexCrunch
  • The Turkish Lira rose on rumoursTurkey will cease incursions in Northern Syria in five days.
  • The level to beat for bears is the 5.8200 level.  

USD/TRY four-hour chart

USD/TRY is falling sharply below the 50-period simple moving average (SMA), now challenging the 5.8200 level near the 32.8% Fibonacci (Fib) retracement from the October swing up.  
If bears keep the pressure on the market can continue to decline towards the 5.7800 level near the 50% Fib retracement and the 100 SMA.
 Resistance is seen near the 5.8400 level, which was a previous key resistance in early October, and at the 5.9000 which acted as pivotal in mid-October.  
More here: News conference: US and Turkey have agreed to a ceasefire in Syria – Pence

Additional key levels